The Globe and Mail reports in its Thursday edition that Canaccord analyst Rahul Paul says Pretium Resources' ($10.29) weaker-than-expected production and costs projections for its Brucejack mine are a prime example of "when high expectations meet reality." The Globe's David Leeder writes that Mr. Paul continues to rate the shares "speculative buy." He lowered his share target to $15 from $18.50. Analysts on average target the shares at $17.44. Mr. Paul says in a note: "The share price decline suggests that the market may be extrapolating the 25-per-cent lower grade over the life of mine, which we consider an extreme (unlikely) scenario. Even in such a scenario (25-per-cent lower grade), we expect the company to generate a material amount of free cash flow, sufficient to service debt/other obligations. As such, we believe the risk-reward trade-off remains attractive and maintain our 'speculative buy' rating, but believe that share price recovery will likely be contingent on achieving stated targets and a more effective management of expectations going forward." Meanwhile, Credit Suisse analyst Robert Reynolds dropped his rating to "neutral" from "outperform." He lowered his share target to $10 from $13.50.