The Globe and Mail reports in its Friday, July 20, edition that analyst Anita Soni of Credit Suisse reduced her target price on Hudbay Minerals to $10.50 from $13, citing second quarter operating results at its Constancia mine, a weaker outlook on zinc prices and weaker recoveries across the company's properties. The Globe's David Milstead writes in the Eye On Equities column that Ms. Soni also lowered the net asset value of the company's Rosemont mine in her analysis "due to continuous delays in developing the project." Her target price blends net asset value analysis -- she cut her estimate to $8.79 per share, down from $9.40 -- and an operating cash flow metric, which she also reduced. Ms. Soni recently returned from a tour of the Constancia mine, where management said it is expecting to extract a higher grade of copper than it previously expected. Ms. Soni says: "However, positive grades were largely offset by lower recoveries. The company continues to perform research and implement technologies to bring recoveries back up to plan."