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Klondex is a high grade miner says Mackie

Last updated: 16:26 20 Sep 2016 EDT, First published: 11:26 20 Sep 2016 EDT

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Klondex Mines Ltd. (TSE:KDX) was called a “high grade miner” by brokers at Mackie Research on Tuesday as analysts maintained the stock as a “hold” but increased its share price target.

“Building in True North, adding new resources at Fire Creek and Midas, and making an estimate of Hollister’s potential worth, offset by share dilution to fund the Hollister acquisition, caused our core NAV/sh to rise from C$3.32 to C$7.02,” Mackie said in a note.

“Hence we have upgraded our target price to C$7. However, an excellent rise in the share price causes us to maintain our HOLD recommendation purely on a valuation basis. We like what KDX has done to build its asset base, and see them as a leader in high-grade mining.

Klondex shares closed up 0.8% at C$7.23 on Tuesday.

Meanwhile, bank Wells Fargo (NYSE:WFC) stock has been hit hard recently, especially with lawmakers extracting a substantial settlement over unethical sales practices in its retail banking business, prompting brokers at Morgan Stanley to upgrade the stock to "overweight" from "equal-weight" and calling it one of the best values in the banking group.

Wells Fargo shares closed up 1.2% at $46.56.

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