TD Newcrest Downgrades Denison Mines (DNN) to Reduce; Valuation Call

TD Newcrest downgraded Denison Mines (NYSE: DNN) from Hold to Reduce with a price target of C$1.50.

TRD analyst says, "Production in 2011 was below the company’s and our estimates, attributed by the company to difficult operating conditions at the Daneros mine, which was acquired in early-2011 in the takeover of White Canyon Uranium...Given the recent share price strength and the -22% return to target, we are lowering our rating...The company has no reserves, a lack of transparency in its operating plans, and continues to spend more cash than its operations generate."

For an analyst ratings summary and ratings history on Denison Mines click here. For more ratings news on Denison Mines click here.

Shares of Denison Mines closed at $1.57 yesterday, with a 52 week range of $0.81-$4.52.

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