From Earlier: Casimir Capital Reiterates Richmont Mines Overweight, Lowers PT
Casimir Capital reiterated its Richmont Mines (NYSE: RIC) Overweight rating and lowered its company price target from $11 to $8.25 in a research report published today.
In the report, Casimir Capital stated, "We are reducing our price target on Richmont Mines Inc. (RIC) following a substantial decline in estimated resources at the company's Francoeur property in Quebec (see Exhibit 1). RIC also slashed its annual production estimate for Franceour to 20k oz from 30k-35k oz."
Shares of Richmont Mines closed today at $3.97, down 4.11% from Tuesday's market close.
(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.