UPDATE: National Bank Financial Downgrades AuRico Gold to Sector Perform on Valuation
National Bank Financial lowered its rating on AuRico Gold (NYSE: AUQ) from Outperform to Sector Perform while raising its price target from $8 to $8.50.
National Bank Financial noted, "Based on share price appreciation, we are moving to Sector Perform rating (was Outperform). In addition, we are increasing our target to $8.50 (was $8.00) to reflect further corporate savings. We believe that AUQ's share price now reflects a special one-time dividend. We note that should AUQ announce a meaningful regular dividend; it could provide further support for AUQ's shares. Catalysts to look for include: 1) Underground Young-Davidson production in Q4/12, 2) El Chanate Phase III expansion decision in 2013 and 3) Special distribution details."
AuRico Gold closed at $8.23 on Wednesday.
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