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Timmins Gold shares jump on upgrade

The Associated Press

Timmins Gold Corp. shares jumped Monday after a Cowen and Co. analyst lifted his rating on the gold miner.

THE SPARK: Cowen analyst Adam Graf said that the company's shares haven't down as well as its competitors' stocks and have trailed the recent increase in gold prices. He upgraded the stock's rating to "Outperform" from "Market Perform."

THE BIG PICTURE: In the past few weeks, higher gold prices have helped boost the stock price of Newmont Mining Corp. and other gold miners.

Gold prices slipped Monday. But they had settled at their highest price in almost two months on Friday as violence in the Middle East boosted demand for the precious metal.

Timmins is based in Canada, but explores for gold in Mexico.

SHARE ACTION: Shares of the company traded on the New York Stock Exchange jumped 10 cents, or 4.8 percent, to close at $2.19 Monday. Shares peaked at a 52-week high of $3.47 in November.