In her June 20 note, Liu raised her average selling price assumptions for the company from US$2,900 to US$3,100 per oz.
Liu Miaomiao of PhillipCapital has kept her "buy" call along with a higher target price of 54.4 cents for CNMC Goldmine Holdings, from 49 cents previously.
Liu reasons that CNMC is a "leveraged play" on rising gold prices, which has been supported by heightened tensions in the Middle East, as well as active accumulation by central banks.
