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Strategies & Market Trends : Ride the Tiger with CD

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To: mimur who wrote (201191)	7/20/2011 11:10:29 AM
From: Veteran98	Read Replies (4) of 313093

LSG... UPDATE 1-Analysts downgrade Lake Shore Gold on output worries 1 hour ago by Thomson Reuters (Follows alerts) July 20 (Reuters) - At least three brokerages cut their ratings on Lake Shore Gold Corp on Wednesday, a day after the Canadian gold producer lowered its production outlook for its Timmins mine in Northern Ontario. Shares of the company were trading down 12 percent at C$2.51 on Wednesday morning on the Toronto Stock Exchange. Earlier in the session, they fell as much as 16 percent to C$2.40 -- a level not seen in two years. "In the near term, management needs to achieve 2011 production targets, ramp up production into 2012 and provide clarity on the Bell Creek Mill expansion plans before warranting a premium multiple," RBC Capital Markets wrote in a note. Lake Shore Gold expects second-quarter output to be lower than its earlier forecast due to a change in mining sequence from the mine, and also cut its full-year production target. Haywood Securities and RBC downgraded the Toronto-based company to "sector perform" from "sector outperform." "While the company has done a great job on the exploration front the operational ramp-up has been less stellar -- with several downward production revisions over the last 18 months," Haywood Securities said. The brokerage was disappointed at the 12-month delay in time line for expansion of the company's Bell Creek mill. CIBC, Which cut its rating to "sector underperformer" from "sector performer" for the company, said reserves at the Timmins mine will need to be restated using a lower grade. "We believe that LSG has become a "show me" stock with a 2013 target for delivery," said CIBC analysts. The brokerage cut its price target on the stock by C$1.50 to C$3, while RBC cut to C$3.75 from C$5.25. (Reporting by Sharanya Hrishikesh in Bangalore; Editing by Joyjeet Das) .

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