TD Securities Downgrades Yamana Gold (AUY) to Hold on Valuation and Reduced Expectations

October 31, 2013 7:41 AM EDT
Get Alerts AUY Hot Sheet
Price: $3.21 +1.90%

Rating Summary:
    10 Buy, 8 Hold, 2 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 30 | Down: 30 | New: 23
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TD Securities downgraded Yamana Gold (NYSE: AUY) from Buy to Hold with a price target of $12.00 (from $13.00). The downgrade is tied to valuation and reduced expectations.

Analyst Steven Green said, "Overall, this was a relatively in-line quarter with the company effectively managing costs and slightly beating EPS expectations. However, we believe that the company is at risk of missing the already reduced full-year guidance."

"With uncertainty around the company's growth projects and given the challenges in Argentina, which hosts the company’s next leg of growth, we see limited near term positive catalysts for the stock. Additionally, with our new estimates, Yamana is currently trading at what we view as a fair valuation," he added.

For an analyst ratings summary and ratings history on Yamana Gold click here. For more ratings news on Yamana Gold click here.

Shares of Yamana Gold closed at $10.21 yesterday.

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