UPDATE: Stifel Nicolaus Cuts PT to $5 on General Moly on Moly Price Compression

Stifel Nicolaus reiterated its Buy rating on General Moly GMO but lowered its price target from $6 to $5. Stifel Nicolaus noted, "The next catalyst for GMO shares will be a decision issued by the Bureau of Land Management on whether GMO will be allowed to proceed with construction of its main molybdenum project, Mt. Hope, in Nevada. We believe a favorable decision will be issued by year-end. We maintain our Buy rating but adjust our target price from $6.00 to $5.00, reflecting lower assumed long-term moly prices (now $15/lb)." General Moly closed at $3.47 on Tuesday.