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1、22September2017Americas/CanadaEquityResearchPreciousMetalsMetals&MiningSectorResearchAnalystsSECTORFORECASTAnitaSoni,P.Eng.,CFA4163524587anita.soni@credit-suisse.comCu&FXupdate,DenvergoldforumpreviewRobertReynolds,CPA,CA,CFA4163524516■UpdatingestimatesforQ3
2、aheadoftheDenverGoldForum:Q3hasrobert.reynolds@credit-suisse.comseensignificantmoveswithgold+4%,copper+9%,CAD/USD+5%,goldMarkLlanes,CPA,CAequities+6%andcopperequities+24%.Inthisnotewesummarizeour4163524585investmenttheses,upcomingcatalystsandkeyquestionsfor
3、theDenvermark.llanes@credit-suisse.comGoldForumSept.25-26th.Targetpricerevisionsreflectamark-to-marketofourQ3metalsprices,anupdatetoourCAD/USDFXforecaststo0.82inQ4/17and2018and0.80longterm,from0.75.WealsoraiseourcopperpriceforecastinQ4/17and2018(still17-19%
4、belowspot)toreflectourglobalteam'supdatedcopperpriceforecasts.■KeythemesfortheDenverGoldForum:CapitalallocationtoprojectsandpotentialM&Awithstrongersectorbalancesheets,operationalexcellence,explorationandtheabilitytoaddvalueintheexistingportfolio.■CAD/USDfo
5、recastupdate:TheCreditSuisseforeignexchangeteamrecentlyrevisedseveralforecastsinFXCompass:Nowheretohide.CAD/USDiscurrently1.22andtheFXteamcallsfor1.20and1.15over3monthsand12months,respectively(previously1.22and1.32).■Copperpriceupdate:Ourglobalteamhasalsoup
6、dateditscopperpriceforecastsinCopperForecasts:Bullishsentimentbut2018demandmayfalter.Ourestimatesarenow$2.89/lbinQ3/17,$2.45/lbinQ4/17and$2.39/lbin2018,upfrom$2.50/$2.30inQ3/Q4and$2.05/lbin2018previously.OurteamexpectscopperpricestosubsideonChina'sindustryc
7、urtailmentsplannedforwinter,andinH2/18onitsconcernthatinfrastructurestimulusandhousingconstructioncouldfade.■DowngradeFNV,DGCandCGtoNeutral,fromOutperform:FNVisdowngradedbasedonvaluationwith~1%returntoourUS$80TP.DGCisduetotheimpactfromthestrongerCADat0.82in
8、2018and0.80longerterm(from0.75),whichdrivesourTPtoC$16fromC$20previously.CGisdowngradedbasedonvaluation,wehaveincreasedourTPfromC$9.50/shtoC$10.50/shfollowingtheKyrgyzsettlementbutwenowviewrisk/rewarda
