Raymond James Believes Alacer Gold (TSX: ASR) Still Has Room to Grow

By Austin Angelo

In a new note to investors today, an analyst has provided a rating update for Alacer Gold (ASRResearch Report). Raymond James’ analyst Tara Hassan reiterates their Buy rating on the shares, with a C$6 price target.

According to TipRanks.com, Hassan is a 5-star analyst with an average return of 20.8% and a 69.1% success rate. Hassan covers the Basic Materials sector, focusing on stocks such as Alamos Gold Inc, B2Gold Corp, and SEMAFO Inc.

Alacer Gold has an analyst consensus of Strong Buy, with a price target consensus of C$5.39, representing a 6.6% upside. In a report issued on July 15, CIBC also maintained a Buy rating on the stock with a C$5.25 price target.

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Based on Alacer Gold’s latest earnings release for the quarter ending March 31, the company reported a quarterly net profit of C$4.44 million. In comparison, last year the company had a GAAP net loss of C$25.97 million.

Alacer Gold Corp. is a gold mining company, which engages in the exploration and development of mineral properties in Turkey. Its explorations include Copler District and Turkey Regional. The company was founded on September 20, 1993 and is headquartered in Denver, CO.

The company’s shares closed on Friday at C$5.06, close to its 52-week high of C$5.10.