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B2Gold (BTG) ( and Cormark: Four things

Four things about Cormark and analyst Richard Gray's call to make B2Gold (BTG) ( a 'Top Pick' this morning (and raising the target price from C$6.25 to C$6.75)::

1) Here's a bit of the intro:
Upgrading To Top Pick
Fekola is a transformational asset and given the strong track record of the operating team and the history of successful ramp ups at B2Gold, we have confidence that the Fekola ramp up will continue to go smoothly and that investors will be rewarded over the next 3-6 months as free cash flow turns positive and the asset can show off its high margins. Currently trading at 1.06x NAV and 5.6x CF, B2Gold is our preferred name in the sector and we are upgrading the stock to a Top Pick rating (from Buy).
2) Gray seems keen on getting in front of the Q4 production results news release, coming very soon. From what this desk has picked up, that's a smart decision.

3) This is my fave bit of the Bloomie wire note that's out on the call:
"In the past seven years and 10 months, Cormark has rated B2Gold buy three times and market perform twice. The shares were flat in the periods rated buy and rose an average 160 percent in the periods rated market perform."

4) However, this time Gray is right and what's more, right for the right reasons. His zeroing in on the NAV multiple in the note's intro means he's got it. BTO is cheap today and the only issue is that it's been that way for months, with nobody noticing.