The Globe and Mail reports in its Wednesday edition that BMO analyst Brian Quast cut Primero Mining to "market perform" from "outperform" in reaction to its first quarter 2016 production results. The Globe's David Leeder writes that on Monday, Primero posted consolidated production of 36,158 gold equivalent ounces, lower than Mr. Quast's projection of 53,700. He says the 33-per-cent miss was largely attributed to new safety standards at its San Dimas mine to meet Ontario mining regulations. The preliminary costs at San Dimas were $998 per ounce of gold equivalent and all-in sustaining costs of $1,362 per ounce, both higher than projected. Primero also reduced its production guidance to 30,000 ounces to between 230,000 and 250,000 and raised its AISC estimate to $975 to 1,025 an ounce from $850 to 900 per ounce. Mr. Quast says, "The revised guidance reflects lower San Dimas production (and subsequently higher costs) because of the implementation of the new ground support, and higher cash costs at Black Fox, which reflect the inclusion of non-cash inventory draw down." Mr. Quast also lowered his target price to $2.50 from $3.25 "as a result of lower 2016 cash flow stemming from lower production and higher costs."