UPDATE: BMO Capital Markets Lowers PT to $2 on Golden Star Resources; Focus Shifts to Operations, Opportunities
BMO Capital Markets reduces its price target on Golden Star Resources (NYSE: GSS) from $2.25 to $2 and reiterates its Market Perform rating on shares.
BMO Capital Markets notes, "Golden Star completed a purchase and exchange transaction with certain holders of its 4.00% convertible senior unsecured debentures due November 30, 2012. …The transaction addresses the significant overhang from the pending maturity of the original debentures despite a challenging financing environment. The strengthened balance sheet should allow the company to focus on delivery of operational improvements and evaluation of potential growth opportunities."
GSS closed at $1.06 on Friday.
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