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Gold/Mining/Energy : Canadian Diamond Play Cafi
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From: Rocket Red3/31/2020 8:34:38 AM
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Globe says ratings cut for Mountain Province, Lucara

2020-03-31 08:31 ET - In the News
Shares issued 210,392,473
MPVD Close 2020-03-30 C$ 0.355

Also In the News (C:LUC) Lucara Diamond Corp

The Globe and Mail reports in its Tuesday edition that Scotia Capital analyst Scott Macdonald cut his rating for two miners. The Globe's David Leeder writes that Mr. MacDonald cut Mountain Province Diamonds to "sector underperform" from "sector perform' with a 15-cent share target, down from $1.75. Analysts on average target the shares at $1.92. He also lowered Lucara Diamond to "sector perform" from "sector outperform" with a 50-cent target, falling from $1.25 and below the $1.49 consensus. Mr. MacDonald says in a note: "Government-mandated lockdowns and travel restrictions in virtually all of the diamond industry's key downstream and mid-stream markets have effectively brought the sector's sales channels to a standstill and companies are struggling to sell their product at a reasonable price. Though neither company's mine-site operations have been disrupted to date, as single-asset companies, the downside risk is considerable. We believe LUC is reasonably well-positioned to weather the storm given its clean balance sheet but MPVD is not so fortunate and a painful capital restructuring now looks more likely. ... We believe the near-term risk-reward profile of the sector has shifted sharply to the downside."
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