The Globe and Mail reports in its Tuesday edition that Raymond James analyst Brian MacArthur upgraded Centerra Gold to "outperform" from "market perform" following the release of first quarter result that met his forecast. The Globe's David Leeder writes in the Eye On Equities column that Mr. MacArthur boosted his share target to $16 from $14.50. He says in a note: "Centerra operates three cornerstone assets -- Mt. Milligan, Kumtor, and Oksut -- which offer investors exposure to gold and copper, while generating solid CF. Centerra also has a flexible balance sheet. In addition, the company owns three molybdenum assets, which offer optionality on molybdenum prices and may be sold to surface value." Elsewhere, Scotia Capital analyst Trevor Turnbull raised Centerra to "sector outperform" from "sector perform" with a $16 share target. Mr. Turnbull says in a note: "We are upgrading Centerra to 'sector outperform' given its demonstrated free cash flow and the further inflection anticipated by the addition of Oksut. The company generated $77-million in free cash flow during the period and we forecast approximately $180-million this year. Centerra also declared its second [four-cent] quarterly dividend this year."
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