RBC hikes target for Polymetal citing 'positives' from Analysts Day

Analysts at RBC Capital Markets hiked their target price in shares of gold miner Polymetal in the wake of the Analysts Day held the day before.

They called attention to various positives for the stock to back up their decision, saying that growth remained on track and that its approach to Environmental, Social, and Governance remained "ahead of peers" while the Covid-19 pandemic was only having "a limited impact".

On the other side of the equation, the only negative was the likelihood of changes in the tax regime in the Russian Federation, although they also cited "risks" in Kazhakstan.

The analysts also cited positives as regards the outfit's production, profile and project updates.

RBC raised its target price for the firm's shares from 1,650.0p to 1,850.0p and reiterated its 'outperform' recommendation.