3. IAMGOLD Corp.
Shares of IAMGOLD Corp. (IAG) of Toronto closed at $21.93 Tuesday, returning 23% year-to-date.
The company has interests in various mining operations and exploration projects in North America, South America and Africa.IAMGOLD earned $279.8 million, or 75 cents a share in 2010, increasing from $114.1 million, or 32 cents a share in 2009. Revenues for 2010 were up 28% year-over-year, to $1.2 billion. The consensus among analysts polled by Thomson Reuters is for the company to earn $1.37 a share in 2011 and $1.27 in 2012. In March, Bank of America Merrill Lynch analyst Michael Jalonen reiterated his buy rating on the company, with a $25 price target, saying that "the development of the Westwood mine and proposed expansions at Essakane, Rosebel, and Sadiola are forecast to have a positive impact on IAMGOLD's production profile." Sean Broderick said that IAMGOLD's shares were "hitting overhead resistance at around $23.50 but the trend is up," adding that with "increasing production and good projects" the shares could eventually go to $30. "It has had a good run, but could see sideways over the short-term," he said, adding that "long term, it's a good pick." Out of 13 sell-side analysts covering IAMGOLD, 10 rate the shares a buy, while three have neutral ratings.
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