Canaccord Genuity Downgrades Midway Gold (MDW) to Hold

Canaccord Genuity downgraded Midway Gold (NYSE: MDW) from Spec. Buy to Hold with a price target of $1.20.

Analyst led by Joe Mazumdar said, "Due predominantly to the impact of our weaker forecast for long-term gold price (down 8% to a long term price of US$1,327), which was offset somewhat by a weaker foreign exchange rates including the USD/CAD (down 4% to a long term rate of 0.89), we have lowered our target price C$0.05 or 4% to C$1.20 which has led us to lower our recommendation to HOLD at current price levels, Figure 25. The company has easily outperformed the benchmark GDXJ both in Q3/14 (up 23% versus a 20% drop in the GDXJ) and year to date to the end of Q3/14 (up 35% versus an 8% rise in the GDXJ)."

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

Shares of Midway Gold closed at $1.05 yesterday.

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