UPDATE: Dahlman Rose Lowers PT on Uranium Resources After Reverse Stock Split

In a report published Friday, Dahlman Rose reiterated its Buy rating on Uranium Resources

, but lowered its price target from $10.00 to $3.90. Dahlman Rose noted, “We've updated our model to account for recent issuances and a reverse split. URRE completed a capital raise to complete its acquisition of Neutron Energy during 3Q and made additional sales from its ATM during 3Q and early 4Q. The company completed a 1-for-10 reverse split in mid-January in order to regain compliance with NASDAQ's minimum bid requirement and also recently completed a rights offering for the issuance of approx 3.4MM shares. URRE's ATM agreement had a total of $9MM available for future issuance as of Oct 31.” Uranium Resources closed on Thursday at $2.67.