The shares of Kinross Gold (KGC: sentiment, chart, options) were hit with a price-target cut this morning, but you can hardly tell by the stock's surge of more than 8% at midday. RBC Capital Markets reduced its price target on the equity from $27 to $23; however, the brokerage tempered its bearish note by reiterating an "outperform" rating on KGC.

Traders have seized on this bullish reiteration and sent the stock soaring above its 20-day moving average for the first time since July. The equity is down nearly 15% year-to-date, but has rallied about 8% from its August 11 nadir (not including its equivalent gain in today's session).

In the options pits, speculative players have swarmed KGC's September 15 put. This contract has traded volume of 2,337 so far on open interest of 2,969. The shares found support at 15 earlier this month, and have finished just 1 session south of this level since October 2007 -- and then, only by pennies. In other words, a 15-strike put on KGC hasn't been a profitable bet for quite a while, so today's volume could consist of liquidations at this strike.