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Investing.com - BMO Capital raised its price target on Equinox Gold (NYSE:EQX) to C$13.00 from C$11.50 on Thursday, while maintaining an Outperform rating following the gold miner’s better-than-expected second-quarter results.
The gold producer reported adjusted earnings per share of $0.11 for the quarter, significantly exceeding BMO Capital’s estimate of $0.04 and the consensus forecast of $0.03.
Production costs at Equinox Gold beat analyst expectations, with all-in sustaining costs (AISC) averaging $1,959 per ounce compared to BMO’s forecast of $2,242 per ounce, which helped drive cash flow above estimates.
BMO Capital noted that operational metrics at the company’s Greenstone project showed meaningful improvements in the second quarter with further gains at the start of the third quarter, while Equinox reiterated that its Valentine project remains on track for first production in late Q3.
The investment firm expects Equinox Gold’s cash flows to rise significantly in the second half of 2025 and into 2026, which should improve the company’s balance sheet and potentially boost its valuation from the current 0.8 times net asset value.
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