UPDATE: Bank of America Upgrades General Moly to Neutral on Lower Permit Risk

Bank of America raised its rating on General Moly

from Underperform to Neutral and increased its price objective from $3.30 to $4. Bank of America said, "We are upgrading our General Moly Inc. (GMO) rating to Neutral from Underperform, driven by a 21% increase to our price objective (PO), now $4.00/share. GMO reaffirmed its expectation for the receipt of its Mt Hope moly project's permits (ROD and Nevada state-issued permits) in 4Q12. With little room for timing error, we now assess the risk that Mt Hope does not complete permitting as low. Our P/NAV multiple increases 0.1x to 0.6x as the permitting risk within our valuation is reduced, driving our PO increase." General Moly closed at $3.66 on Wednesday.