J.P. Morgan Reiterates Neutral Rating, $25 PT on Coeur d'Alene Mines Corporation
In a report published Friday, J.P. Morgan & Co. reiterated its Neutral rating and $25.00 price target on Coeur d'Alene Mines Corporation (NYSE: CDE).
J.P. Morgan noted, “CDE delivered lower Q4 production results for silver, though gold was better. Investors had been hoping for further improvement in 2013 but this may now be deferred into 2014. Development work at the Kensington mine should result in better results in 2013. The stock will be difficult to value with confidence until after its year end report gives new reserves for Rochester and Palmarejo. CDE looks fairly priced using our long-term forecast silver price of $22.50/oz and we maintain our Neutral rating.”
Coeur d'Alene Mines Corporation closed on Thursday at $24.38.
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