Deutsche Bank Maintains Hold on Kinross Gold

Deutsche Bank is out with its report on Kinross Gold KGC, maintaining Hold. In its report, Deutsche Bank writes, "Kinross reported 2Q11 adj. EPS of $0.20 ahead of DBe of $0.18 and consensus of $0.17 aided by ~2c benefit of a l-t-e tax rate. EBITDA was 8% light on lower gold realizations (hedges) and sales volumes. While Kinross affirmed its FY volume and cost guidance, capex estimates were increased for Tasiast project and we note company's net cash position now is only $615m. Maintain Hold on valuation and project execution risk." At the time of posting, shares of KGC were trading pre-market at $16.28, up 0.12% from Wednesday's close.