UPDATE: Stifel Nicolaus Cuts PT to $18 on IAMGOLD Corporation; Weak Q1

Stifel Nicolaus lowers its price target from $20.50 to $18 on Buy-rated IAMGOLD Corporation

as Q1 results came in weaker than expected. Stifel Nicolaus says, "IAMGOLD reported 1Q results that were weaker than expectations. Seasonal factors and mine sequencing headwinds experienced in 1Q are anticipated to continue in 2Q, with stronger results expected in 2H12. Capital spending guidance for 2012 was slightly lowered to reflect delayed construction commencement at Essakane and Sadiola Deep Sulphides. …At spot gold, IAMGOLD shares trade at 0.51x P/NAV and 7.2x 2012 CFPS, a 27% / 22% discount to the producer group average. Although the company offers limited near term catalysts and production growth, we believe patient investors have the potential to be rewarded with share re-rating through delivery of targets." IAG closed at $10.85 on Friday.