Asanko Gold (AKG) Hits New 52-Week Low After Analyst Downgrade

Asanko Gold Inc. (TSE:AKG) (NYSEMKT:AKG) shares reached a new 52-week low during mid-day trading on Tuesday after Royal Bank Of Canada lowered their price target on the stock from C$1.75 to C$1.00. Royal Bank Of Canada currently has a sector perform rating on the stock. Asanko Gold traded as low as C$0.78 and last traded at C$0.80, with a volume of 338633 shares changing hands. The stock had previously closed at C$0.80.

A number of other analysts also recently weighed in on AKG. Canaccord Genuity increased their price target on shares of Asanko Gold from C$2.25 to C$2.50 in a report on Friday, September 29th. Clarus Securities raised shares of Asanko Gold from a “hold” rating to a “buy” rating in a report on Monday, November 6th. Raymond James Financial downgraded shares of Asanko Gold from an “outperform” rating to a “market perform” rating and reduced their price target for the company from C$3.50 to C$3.00 in a report on Tuesday, November 14th. Finally, BMO Capital Markets reissued a “market perform” rating and issued a C$2.00 price target on shares of Asanko Gold in a report on Friday, October 20th. Six analysts have rated the stock with a hold rating, The stock presently has a consensus rating of “Hold” and an average price target of C$1.98.

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Asanko Gold Company Profile

Asanko Gold Inc is a gold producer. The Company has operations in the Republic of Ghana. The Company’s segments include Canada and Ghana. The Company’s principal asset is the Asanko Gold Mine (AGM) located in Ghana, West Africa. The Company’s Project 5M will upgrade the plant’s throughput to five metric tons per annum and expand mining operations to integrate the Esaase deposit, including the construction of a 27-kilometer overland conveyor.

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