Analyst Actions: Scotia Slashes Price Target on Thompson Creek to $7; Shares up 4.6%

By Midnight Trader,  July 04, 2012, 01:08:16 PM EDT

Scotia Capital cut its one-year price target on Thompson Creek Metals Co. (TCM.TO, TC) to $7 from $9 while maintaining a sector perform rating, the Financial Post reports online.

Scotia analyst Tom Meyer cited production challenges for the action. Thompson announced in May that a wall slough, or slippage, occurred at its mine in Idaho, and Meyer now expects this will impact the company's molybdenum production by 1.6 million pounds, as well as lead to higher cash costs. Meyer also noted that the company's Endako mine will not reach designed specifications in the second quarter and ore grades will not meet budgeted levels.

Thompson Creek is trading up 4.6% at $3.58 in thin volume of 178,000 shares.




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Commodities

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