Deutsche Bank Downgrades Thompson Creek Metals (TC) to Sell After Weak Q4

Deutsche Bank downgraded Thompson Creek Metals (NYSE: TC) from Hold to Sell and cut their price target from $8.50 to $7.50 following weak Q4 results and $355 million higher capex budget which is equivalent to approx. 25% of its current market capitalization.

The firm comments, "The impact of higher projected capex reduces our calculated Net Present Value to $7.50/share from $10 previously and we have lowered our PT to $7.50/share from $8.50 previously as a result. With the shares having traded up to $8.69/share following recent lows of $6 we believe there is downside risk to the company’s share price in the near-term and hence downgrade to Sell."

The firm's EPS estimate increases to $0.08 (from -$0.21) in 2012 and declines to $0.20 ($0.24) in 2013.

For an analyst ratings summary and ratings history on Thompson Creek Metals click here. For more ratings news on Thompson Creek Metals click here.

Shares of Thompson Creek Metals closed at $8.69 yesterday.

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