BMO raises PT on Alamos Gold over Turkish asset sale; shares up

U.S.-listed shares of Canadian gold miner Alamos Gold AGI.N, AGI.TO up by ~1% at $33.77 premarket

Co on Monday reached a deal to divest its Turkish assets, most notably Kirazli, for total cash proceeds of $470 million

Brokerage BMO Capital Markets raises price target on the Canadian stock of the miner to C$51 from C$48, maintains "outperform" rating

The new price target represents a ~12% upside to the stock's Canadian last close

Brokerage says sale of Turkish assets supports "the development of its internal growth pipeline and reduce existing debt obligations"

As of last close, stock up ~81.3% YTD