Bank of America (NYSE:BAC) dropped its price target on Kinross Gold (NYSE:KGC), while maintaining its "Buy" rating on the gold miner.
The price target was lowered to $24, as concerns over the short-term impact of their merger with Red Back Mining (TSE:RBI) weigh on the stock.
BAC did reiterate its "Buy" rating, saying after the pains and costs of bringing the two companies together are over, they still see gold as the chief factor for the company, and they remain bullish on the upward price movement of gold over the long term.
Kinross was at $30.16 on Monday, dropping $0.49, or 1.60 percent.
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