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Global Hunter Securities Downgrades Gold Resource Corp (GORO) to Neutral after Lowered Guidance

October 18, 2012 9:37 AM EDT Send to a Friend
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Price: $5.87 --0%

Rating Summary:
    2 Buy, 1 Hold, 0 Sell

Rating Trend: = Flat

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Global Hunter Securities downgraded Gold Resource Corp (NYSE: GORO) from Accumulate to Neutral with a price target of $17.50 (from $22.00).

"GORO reported Q3:12 production of 22,300 ounces of gold equivalent. In addition, GORO lowered, for the second time in three months, 2012 annual production guidance. Management is attributing the shortfall to challenges in underground development of high grades stopes at the El Aguila Mine. Given the lack of clarity and confidence in production we are lowering our estimates, our rating (to Neutral from Accumulate) and our price target (to $17.50 from $22)."

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

Shares of Gold Resource Corp closed at $20.15 yesterday.




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