UPDATE: Desjardins Reiterates Buy Rating, Lowers PT for Sabina Gold & Silver

In a report published earlier today, Desjardins Capital Markets reiterated its Buy rating for Sabina Gold & Silver Corp.

, but lowered its price target from C$8.00 to C$6.75, in response to the positive PEA released for the Back River gold project in Nunavut. Desjardins went on to say “The Back River PEA emphasizes the importance of the higher grades and continuity of the deposits on the Back River property. We believe that the project remains highly prospective for new discoveries of similar, if not better, grade, which should have a further positive impact on the project economics. Given the favourable political jurisdiction and strong exploration newsflow throughout 2012, we are maintaining our Buy–Speculative rating on the shares.” Sabina Gold & Silver Corp. closed yesterday at C$2.26.