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Gold/Mining/Energy : Gold and Silver Juniors, Mid-tiers and Producers -- Ignore unavailable to you. Want to Upgrade?

To: LoneClone who wrote (36671)	3/23/2007 9:20:21 AM
From: LoneClone	Read Replies (1) \| Respond to of 78431

Yamana ratings cut on reduced opportunities Leonard Zehr 00:00 EDT Friday, March 23, 2007 globeinvestor.com Yamana Gold Inc.'s stock price has nearly doubled in the past six months on the back of an aggressive acquisition binge. But UBS warns that based on higher bullion prices, it now may be harder for the gold miner to find "accretive opportunities" in the marketplace. Nevertheless, analyst Tony Lesiak has cut the stock to "reduce" from "neutral," holding his target price at $16, citing a multiple of 1.75 times (slightly above the group average) to the operating net asset value. Prior to Yamana's price drop yesterday, Mr. Lesiak says the stock was trading at a 44-per-cent premium to its peer group, which is "unsustainable." His numbers assume Yamana will make good on delivering its significant growth targets over the next few years. Raymond James analyst Paul O'Brien also cut the stock to "outperform" from "strong buy" after updating his financial model and reviewing relative implied returns to targets in his gold coverage universe. He sliced $1 from its previous target price of $23.