UPDATE: Rodman & Renshaw Raises Price Target on Golden Minerals to $14.55

According to Rodman & Renshaw, Golden Minerals AUMN price target is raised to $14.55. Rodman & Renshaw said that it is increasing its price target to $14.55/share from $13.63/share due to 123% higher gold production guidance for 2013 and faster than expected expansion in sulfide plant capacity. “We value the shares at 1.0x our NAV estimate, which is based on a 5% discount, $20/ounce long-term silver, $1,000/ounce long-term gold, and $8/ounce cash cost for El Quevar starting in 2015, and a $0 cash cost for Velardeña starting in 2012 after by-product credits.” Golden Minerals closed yesterday at $7.23.