UPDATE: National Bank Financial Downgrades AuRico Gold to Sector Perform on Valuation

National Bank Financial lowered its rating on AuRico Gold AUQ from Outperform to Sector Perform while raising its price target from $8 to $8.50. National Bank Financial noted, "Based on share price appreciation, we are moving to Sector Perform rating (was Outperform). In addition, we are increasing our target to $8.50 (was $8.00) to reflect further corporate savings. We believe that AUQ's share price now reflects a special one-time dividend. We note that should AUQ announce a meaningful regular dividend; it could provide further support for AUQ's shares. Catalysts to look for include: 1) Underground Young-Davidson production in Q4/12, 2) El Chanate Phase III expansion decision in 2013 and 3) Special distribution details." AuRico Gold closed at $8.23 on Wednesday.
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Posted In: Analyst ColorDowngradesPrice TargetIntraday UpdateAnalyst RatingsNational Bank Financial
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