UPDATE: JP Morgan Cuts PT to $5 on Thompson Creek Metals on Capacity, Pricing Outlook
JP Morgan maintained Thompson Creek Metals (NYSE: TC) with an Overweight rating and lowered the price target from $6.00 to $5.00.
JP Morgan said, "We are lowering our Dec 2013 price target to $5.00 from $6.00 to reflect our lower moly price forecasts, our assumption that the Thompson Creek mine goes on temporary care and maintenance from 2015-2016 and restarts in 2017, and the inclusion of capex for the permanent residence and operational items at Mt. Milligan. … [W]e also believe TC's current stock price is not accurately reflecting the significant earnings growth and more diversified asset base the Mt. Milligan mine will create for the company when it comes online in late 2013."
Thompson Creek Metals closed at $3.34 on Monday.
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