The Globe and Mail reports in its Tuesday edition that though RBC Dominion Securities
analyst Dan Rollins still believes Primero
Mining ($1.76) offers patient
investors a long-term value proposition, he downgraded
it to "sector perform" from "outperform" (all figures U.S. unless otherwise stated).
The Globe's David Leeder writes in the Eye On Equities column that Mr. Rollins expects most investors
to "sit on the sidelines" until
operational consistency is
achieved at its San Dimas mine
and "sustainable" gains come
from its Black Fox mine.
Mr. Rollins shaved his share target to $2.25
from $3.25. Analysts on average target the shares at
$4.45.
Mr. Rollins says, "Following another downward revision to guidance, we now believe the operational and tax-related headwinds facing Primero are too great." Mr. Rollins reiterated his "outperform" call on Primero in the Eye column on Feb. 10. The shares were the worth $2.23 (Canadian). Desjardins Securities analyst Michael Parkin boosted Primero to "buy" from "sell" in the Eye column on Feb. 22. The shares could then be had for $1.99 (Canadian). BMO cut Primero to "market perform" from "outperform" in the Eye column on April 20. It was then worth $2.10 (Canadian).
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