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UPDATE: Canaccord Downgrades Tahoe Resources On Share Outperformance

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In a report published Thursday, Canaccord analyst Tony Lesiak downgraded shares of Tahoe Resources (NYSE: TAHO) from Buy to Hold to better reflect the implied price target of $30.50.

Lesiak emphasized that Tahoe has outperformed silver producer peers by 25 percent and senior gold producers by 33 percent year-to-date. The company has additionally outperformed the silver price by 50 percent YTD.

Canaccord wrote, "Tahoe's operational performance continues to be exceptional in our view, and we note that our current production and financial forecasts for 2014/15 may prove conservative. Unit operating costs are expected to decline over the remainder of 2014, potentially below budget with improved economies of scale and productivity gains. Concentrates are on spec and TCRCs and payability terms appear to be better than expected and improving given THO's strong marketing efforts and high precious metal content."

Shares of Tahoe closed at $27.18 on Wednesday. Shares are currently down less than one percent.

Latest Ratings for TAHO

DateFirmActionFromTo
Jul 2014Canaccord GenuityDowngradesBuyHold
Jul 2013CIBCUpgradesSector PerformSector Outperform
Jun 2013DundeeInitiates Coverage onBuy

View More Analyst Ratings for TAHO
View the Latest Analyst Ratings

Posted-In: Canaccord Tony LesiakAnalyst Color Downgrades Price Target Analyst Ratings

 

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