Analyst Actions: Raymond James Cuts Price Target on Alacer Gold to $8
Raymond James analyst Brad Humphrey has cut his one-year price target on Alacer Gold Corp. (ASR.TO) to $8 from $10, but maintained a market perform rating, the Globe and Mail reports online.
Alacer Monday announced that the South Kalgoorlie Operations Expansion Project in Western Australia will not be proceeding at least until more geological and mine engineering work is completed.
Humphrey believes that shares will likely be in the "penalty box" until there is more concrete details of growth plans now that the expansion project has been shelved.
Shares in the company are up 27 cents at $5.36, moving away from the 52-week low of $4.78 hit on Thursday.
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