2009-10-07 09:17 ET - In the News
The Globe and Mail reports in its Wednesday, Oct. 7, edition that J. Zechner Associates chairman John Zechner recommends buying Yamana, which he considers cheap. Anwar Ali writes in The Globe's BNN Market Call column that Yamana stock jumped 85 cents to close Tuesday on the Toronto Stock Exchange at $12.05.
The stock has a 52-week range of $4.29 to $13.01. Mr. Zechner says, "Yamana remains one of the more undervalued stories among the mid-tier gold producers with strong copper byproducts and excellent production growth." In his general outlook Mr. Zechner says: "Our bullish outlook reflects our positive view of the impact of stimulus programs, low interest rates, the amount of money 'on the sidelines,' and that we are past the worst of the economic cycle. But markets have gained over 50 per cent from their March lows and economic data won't improve quickly, leading us to reduce exposure to financials. We're overweight positions in the resource sector."
The stock was trading at $10.49 on June 17 when The Globe's Scott Adams said Yamana appeared to be inexpensively priced. The Globe reported on April 15 that Sprott managers Charles Oliver and Jamie Horvat were bullish on Yamana. It was then trading at $9.90.
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