Bank of America is bullish on Kinross Gold Corp stock (NYSE: KGC) and updated its price target. This comes after the Iran-Israel-US conflict that rattled the Asian markets on Monday’s opening bell. Hong Kong’s Hang Seng crashed 2.03%, India’s Sensex plunged 1.83%, and Japan’s Nikkei plummeted 1.35%. The entire Asian market remains in the red with fears of the tensions escalating.
While the stock market is crashing, gold, silver, and oil prices are surging in the charts. Gold prices climbed by 120 points, reaching $5,400, while silver went up by 1.75%, hitting $96. In addition, Crude oil WTI is at $73 after soaring close to 9% in the indices. Kinross Gold Corp is a gold mining company, and the ongoing situation directly benefits the company, wrote Bank of America.
Also Read: Iran US War: What To Expect From Stock Market This Week?
Kinross Gold Corp (KGC) Stock New Price Target: Bank of America
KGC closed Friday’s bell at $36.99, and the six-month chart remains in the green. It is among the top-performing equities this year, as investors who took an entry position are mostly in profit. KGC has risen more than 30% year-to-date, turning an investment of $1,000 into $1,300 in less than three months. The equity has also tripled investors’ money in a year, as KGC surged 245% in a year. Taking this into note, Bank of America revised Kinross Gold Corp’s stock price target with a bullish thesis.
According to Bank of America, Kinross Gold Corp stock is enroute to hit the $42.75 level. The previous forecast for KGC from BofA was $37.50, which it is almost reaching. The revised price prediction indicates that KGC could surge by another 15% in the indices. Therefore, an investment of $1,000 could turn into $1,150 if the estimates turn out to be accurate. Considering that traders are investing in gold for its safe haven status, KGC has higher chances of surging in value.