Iamgold (IAG) Stock Rises on Analyst Upgrade, Gold Price Increase

NEW YORK (TheStreet) -- Shares of Iamgold  (IAG) rose 5.39% to $1.83 in morning trading Friday after HSBC (HSBC) increased its rating on the gold company to 'overweight' from 'neutral.'

The price of gold futures also increased Friday by 1.16%, or $13.50, to $1,175.

The stock rose Friday despite the company's third-quarter earnings miss on Wednesday. Iamgold broke even on earnings but missed the Capital IQ Consensus Estimate of 4 cents a share. Revenue climbed 16.4% year-over-year to $341.5 million, which surpassed analysts' expectations of $324.58 million.

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Iamgold also announced attributable gold production rose to 225,000 ounces, a 9% increase from the second quarter.

Separately, TheStreet Ratings team rates IAMGOLD CORP as a "sell" with a ratings score of D. TheStreet Ratings Team has this to say about their recommendation:

"We rate IAMGOLD CORP (IAG) a SELL. This is driven by several weaknesses, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. The company's weaknesses can be seen in multiple areas, such as its disappointing return on equity, poor profit margins and generally disappointing historical performance in the stock itself."

IAG Chart IAG data by YCharts

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