CIBC Raises Target on RGL

COSMOS CHIU, CIBC World Markets (02/06/2011)
"Voisey's Bay had a strong quarter Q211, producing royalty revenues of $8.1M, up 131% QOQ. . .we believe Voisey's Bay represents an important asset in Royal Gold's royalty portfolio and expect to see improved performance from the operation. The company reported Q211 earnings of $0.33/sh, beating our estimate of $0.25/sh and consensus of $0.26/sh. Earnings were higher due to better-than-expected revenues from Voisey's Bay and Cortez. . .we increase our price target to $70 (up from $68)."

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