UPDATE: Global Hunter Securities Downgrades Revett Minerals to Accumulate on Q2 Update
Global Hunter Securities reduced its rating on Revett Minerals (NYSE: RVM) from Buy to Accumulate and lowered its price target from $6 to $5.50.
Global Hunter Securities said, "Revett Minerals (RVM) reported a second quarter net loss of $2.2 million (or $0.07 per share) on lower production from the Troy Mine in Montana as well as a non-cash charge of $2.0 million for employee stock options. While we believe the second half of 2012 will allow the operation to make up some of the shortfall in production, we are lowering our full-year 2012 revenue and EPS estimates due to weakening silver and copper prices."
Revett Minerals closed at $3.12 on Thursday.
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