Rodman & Renshaw Reiterates Outperform Rating on UR-Energy

Rodman & Renshaw is out with a research report this afternoon, where it reiterates its Market Outperform rating on UR-Energy

; it has a $2.37 price target on the stock. The R&R analysts cited a recent announcement by the U.S. Bureau of Land Management, which holds the key to URG's remaining permits for its Lost Creek Project. The announcement revised its expectation for the release of the Environmental Impact Statement and the Record of Decision by 6 to 9 months. The BLM forecasts that the two permits will be complete in early summer 2012, or during 2Q12. As for valuation, the analysts remarked, “In our NAV model, we have revised upward our pre-production capex estimate for Lost Creek from $35 million to $36.7 million in order to account for the delay. Also, we now assume Ur-Energy's three-year contract to commence in 2014, which would be Lost Creek's first full year of production after ramp-up during 2Q13 onward.”