UPDATE: Desjardins Capital Markets downgrades Aurizon Mines to Hold, Lowers PT
Desjardins Capital Markets downgraded Aurizon Mines Ltd. MKT (NYSE: AZK) from Buy to Hold, and reduced price target from C$7.00 to C$5.50.
Desjardins Capital Markets noted, "Given the transitioning of new infrastructure, we believe that Casa Berardi will likely have erratic production results for the next year. As a result, we believe that the share price will drift as the market awaits a return to full production at Casa Berardi. We also believe that the company's ability to do an accretive transaction has likely been impaired. Despite the potential for a takeover of Aurizon, we have downgraded our rating to Hold–Above-average Risk (from Buy)."
Aurizon Mines closed at $4.10 on Thursday.
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