UPDATE: Raymond James Upgrades Denison Mines to Outperform on Takeout Potential
Raymond James upgraded Denison Mine Corp (NYSE: DNN) from Market Perform to Outperform and raised the price target from $1.60 to $1.80.
Raymond James noted, "Yesterday, Denison announced an updated 43-101 resource estimate for its flagship, 60%-interest Wheeler River project in northern Saskatchewan. … We recommend building positions in DML on corroboration of high-grade critical mass at Wheeler River and consequently, increased takeout potential. … We believe corroboration of a high-grade 60 Mlbs resource confirms Wheeler as a world-class deposit at, or very near, the size to justify an economic mine. Accordingly, we view takeout potential – already high, given DML's 22.5% interest in the McClean Lake mill – as bolstered by the news."
Denison Mines closed at $1.35 on Wednesday.
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