UPDATE: BMO Capital Markets Downgrades AuRico Gold to Market Perform Following Sale Completion

BMO Capital Markets reduced its rating on AuRico Gold AUQ from Outperform to Market Perform while raising its price target from $9 to $9.50. BMO Capital Markets commented, "The company now trades at a premium to the BMO Research mid-tier gold stocks. The recent sale of Ocampo and the application of the proceeds to reduce debt and buy back shares de-risks the company profile, while increasing the importance of a successful ramp-up of Young-Davidson. … BMO Research expects that the surplus cash may be used in future to redeem the US$167M convertible notes and possibly to establish a dividend policy." AuRico Gold closed at $8.29 on Monday.