BMO Capital Markets Reiterates Market Perform, $31.50 PT on Coeur D'Alene Mines Post Illegal Work Stoppage at Palmarejo

BMO Capital Markets maintains its coverage on Coeur D'Alene Mines

with a Market Perform rating and a price target of $31.50. BMO Capital Markets says, "CDE reported that a small group of employees blocked access to the Palmarejo Mine last weekend. As a consequence, CDE has temporarily shut down the mine in order to maintain safety and to negotiate with the involved employees. The company believes that the small group of employees blocking mine access does not represent the mine employees as a whole, and considers the group's action to be illegal. Discussions with the group to date have not been successful, and as a result CDE has requested assistance from state government authorities. CDE is guiding for production of 8.5–9.0Moz silver and 98–108koz gold from Palmarejo over 2012." CDE closed at $17.31 on Wednesday.