UPDATE: Global Hunter Securities Downgrades Gold Resource to Neutral on Lower Guidance

Global Hunter Securities reduced its rating on Gold Resource GORO from Accumulate to Neutral and lowered its price target from $22 to $17.50. Global Hunter Securities noted, "GORO reported Q3:12 production of 22,300 ounces of gold equivalent. In addition, GORO lowered, for the second time in three months, 2012 annual production guidance. Management is attributing the shortfall to challenges in underground development of high grades stopes at the El Aguila Mine. Given the lack of clarity and confidence in production we are lowering our estimates, our rating (to Neutral from Accumulate) and our price target (to $17.50 from $22)." Gold Resource closed at $20.15 on Wednesday.