UPDATE: BMO Capital Markets Downgrades Fortuna Silver Mines from Outperform to Market Perform

BMO Capital Markets downgrades Fortuna Silver Mines

from Outperform to Market Perform and lowers its price target from $6.50 to $5.00. BMO Capital Markets notes, “BMO Research has reduced 2012E silver price assumptions by 10% to US$29.80/oz, and 2013E silver price assumptions by 13% to US$35.00/oz in the report, “Mining Quarterly Strategy: Q3/12 Update: Fears Storms the Gates of Value.” In the report, BMO Research recommends a Market Weight position in silver, reflecting a cautious global economic outlook for 2012E and 2013E.” Fortuna Silver Mines closed at $3.49 on Tuesday.