UPDATE: Mackie Research Downgrades IAMGOLD to Hold on Disappointing Results

Mackie Research lowered its rating on IAMGOLD

from Buy to Hold and reduced its price target from $19.50 to $17. Mackie Research said, "Financial results fall well short of expectations, due more to lower sales: Only 188 Koz of gold was actually sold in 3Q/12, meaning adjusted EPS of $0.16 ($0.21 reported) and cash flow of $0.30 was well below our forecasted $0.26 and $0.42. Hence, while 3Q/12 financial performance will be seen as a disappointment, the short-fall should be recouped in 4Q/12 when gold inventory is sold." IAMGOLD closed at $1.97 on Wednesday.