Centerra Gold Inc. (CG.TO, CGAU) was downgraded to Market Perform from Outperform at BMO Capital Markets on Friday.

Analyst Raj Ray lowered his price target on shares of the Canadian-based gold mining company to $10 from $14 following its Q2 results on August 6.

The stock declined $0.56, or 5.4%, to $9.81 on the Toronto Stock Exchange Friday.

"On the operational front, the 2025 guidance downgrade follows operational volatility at Mt Milligan and cost increases at Oksut," Ray said in a note to clients.

"While we like the strategic importance and the optionality of the molybdenum portfolio, the quest for a strategic partner has so far been elusive," the analyst said.

"Finally, the company's decision to greenlight the Goldfield project, we believe, is unlikely to excite investors while significantly lowering the FCF profile in the near-term."

(MT Newswires covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www.mtnewswires.com/contact-us)

Price: 9.80, Change: -0.57, Percent Change: -5.54