While Mr. Marroco is a solid replacement, there was no real explanation for the change, the analysts note. "This unexpected development on the back of a weak share price makes us anxious to understand more," the analysts say. The sell-off after the third-quarter update was unwarranted despite business fundamentals remaining intact, the analysts say. The gold miner has had a challenging quarter but issues that affected Blanket mine production appear to have been resolved, Liberum analysts say in a research note. Liberum retains its hold rating and cuts its target price to 1,075 pence, from 1,102 pence after updating its valuation model.

Source: Wall Street Journal May 15, 2023 16:25 UTC