The Globe and Mail reports in its Saturday, March 17, edition that Clarus Securities analyst Jamie Spratt upgraded Klondex Mines ($1.80) to "speculative buy" from "sell" and revised his share target to $3.25 from $2.90. The Globe's Gillian Livingston writes in the Eye On Equities column that analysts on average target the shares at $4.59. Mr. Spratt said in a note: "Fourth quarter financial results were below our estimates as a result of higher operating cash costs and higher cash taxes paid. While 2017 was a challenging year for KDX, we believe management's refocus on its Nevada portfolio and the ramp up of production from the Hollister mine should allow for stronger operational execution in 2018. We have adjusted our 2018 estimates for Hollister to bring our grades more in line with the 2018 mine plan and lowered throughput. We have also reflected a lower statutory tax rate of 21 per cent (prior 35 per cent), in line with recent U.S. federal tax changes. These changes bolster our 2018E CFPS by [more than] 20 per cent and our project NAV [net asset value] by about 15 per cent. ... At a 2018E multiple of 2.9 times P/CF [price to cash flow], KDX trades at a about 55 per cent discount to peers."