UPDATE: Deutsche Bank Lowers PT on Coeur Mining Following 3Q13 Preview
In a report published Wednesday, Deutsche Bank analyst Jorge Beristain reiterated a Buy rating on Coeur Mining (NYSE: CDE), but lowered the price target from $18.00 to $16.00.
In the report, Deutsche Bank noted, “With the tide apparently having gone out for key global metals and bulk commodities, NA Metals & Mining managements will simply have to learn to make do with less free cash flow, smaller projects and smaller m&a deals than what were possible during boom times. The clarion call for managements now is to live within their Balance Sheet means. This calls for increased cooperation and heightened creativity for the funding of next generation growth projects and a tighter focus on the bottom-line. Those that heed the call should be the relative winners. Unfortunately, large debts limit flexibility and those continuing to deficit spend will risk downgrades of Investment Grade ratings.”
Coeur Mining closed on Tuesday at $11.88.
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