UPDATE: Bank of America Upgrades General Moly to Neutral on Lower Permit Risk
Bank of America raised its rating on General Moly (NYSE: GMO) 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.
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