Market Overview

UPDATE: Bank of America Downgrades Compania De Minas Buenaventura to Underperform, Lowers PO

Related BVN
UPDATE: Morgan Stanley Reiterates On Compania de Minas Buenaventura SAA On Mixed 2Q14 Production Numbers
Moving Average Crossover Alert: Compania de Minas (BVN) - Tale of the Tape

In a report published Wednesday, Bank of America downgraded Compania De Minas Buenaventura SA (NYSE: BVN) from Market Perform to Underperform, and reduced price objective from $43 to $35, following negative update from Chucapaca's project.

Bank of America noted, "We downgrade Buenaventura to Underperform and revise our PO to US$35/sh (from US$43/sh). In our view, with the update on Chucapaca and still very little visibility on the development of Minas Conga, we are concerned with the company's production sustainability. On the other hand, we believe gold prices can reach US$2,400/oz by end of 2014 and we think, over time, BVN should still replace reserves, as it has been a successful exploration company, but visibility now is more limited."

Compania De Minas Buenaventura closed at $34.10 on Tuesday.

Latest Ratings for BVN

DateFirmActionFromTo
Jul 2014JP MorganMaintainsOverweight
Jan 2014Morgan StanleyUpgradesEqual-weightOverweight
Oct 2013JP MorganUpgradesNeutralOverweight

View More Analyst Ratings for BVN
View the Latest Analyst Ratings

Posted-In: Bank of AmericaAnalyst Color Downgrades Analyst Ratings

 

Related Articles (BVN)

Around the Web, We're Loving...

Partner Network

Get Benzinga's Newsletters