October 12, 2017 / 3:14 PM / in 2 months

BUZZ-Kirkland Lake Gold loses shine following results, Desjardins downgrade

** Canada-based gold miner’s shares down 7.5 pct at $13.78; Toronto stock down 7 pct at C17.20

** Desjardins downgraded rating to “hold” from “buy”

** Downgrade due to run-up in the stock following strong Q2 results and current valuation relative to peers

** Company on Wednesday said Q3 gold production rose 4 pct to 139,100 ounces as its Australian mine produced higher grade ores

** Desjardins says grades comparatively lower in Q3 than Q2; sees mined grades picking up again in Q4

** 9 of 10 brokerages rate stock “buy” or higher and 1 “hold”; their median PT is $16.13

** Up to Wednesday’s close, stock had risen 30 pct since it listed on NYSE on Aug. 16; Toronto-listed stock, to Wednesday’s close, had risen 163 pct YTD (Reporting by Karan Nagarkatti in Bengaluru)

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