UPDATE: Stifel Nicolaus Cuts Target to $9 on Thompson Creek Metals

Stifel Nicolaus lowers its price target on Buy-rated Thompson Creek Metals TC to $9 from $10 as shares get hit by funding shortfall. Stifel Nicolaus says, "Yesterday, Thompson Creek's conference call, in which it discussed Mt. Milligan's increased costs by 10-20% over previous guidance of $1.265 billion ($1.4-$1.5 billion), led to TC shares declining 15.3% as the reality of a funding gap set in. This was the second major step up in capex guidance for Mt. Milligan, with the first being in 1Q11. This is also the second time the market has priced in some dilution from an equity offering as part of the solution for meeting its funding requirements." TC closed at $7.36 on Tuesday.