Asanko Gold Receives a Hold from RBC Capital

By Ryan Adsit

Asanko Gold (TSX: AKG), the Materials sector company was revisited yesterday, yet the Wall Street analyst remains currently on the sidelines. Analyst Stephen Walker from RBC Capital reiterated a Hold rating, with a C$3.50 price target.

According to TipRanks.com, Walker is a 3-star analyst with an average return of 2.1% and a 47.9% success rate. Walker covers the Basic Materials sector, focusing on stocks such as Wheaton Precious Metals Corp, Novagold Resources Inc New, and Newmont Mining Corporation.

Currently, the analyst consensus on Asanko Gold is Moderate Buy and the average price target is C$4, representing a 92.3% upside.

In a report issued on June 6, CIBC also reiterated a Hold rating on the stock.

The company has a one year high of C$6.09 and a one year low of C$1.75. Currently, Asanko Gold has an average volume of 1.58M.

Asanko Gold, Inc. is a natural resource company, which engages in the acquisition and exploration of mineral resources in West Ghana. Its projects include Esaase Gold and Asumura Gold. The company was founded by Ivan James Bebek and Shawn Kristen Wallace on September 23, 1999 and is headquartered in Vancouver, Canada.

The company’s shares closed last Monday at $2.08, close to its 52-week low of $1.75.