CIBC downgraded i-80 Gold (IAUX) to Neutral from Outperformer with a price target of C$1.30, down from C$3.50. In mid November, new management of i-80 Gold announced a new strategy that included a focus on gold assets, deferring base metals potential at Ruby Hill and the Lone Tree autoclave refurbishment, as well as building out five mining assets within this decade, the analyst noted. While the firm sees upside in the stock, it also notes that its new downside scenario is C$0 and “largely depends on the company’s ability to refinance its capital structure.”
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