Molybdenum Upgrades/Downgrades: GMO, TC, ML Monday, July 27, 4:17 PM ET
CIBC revised its molybdenum forecast to reflect higher prices going forward. The 2009 forecast was raised 10% to $11 per pound, the 2010 forecast was raised 33% to $16 per pound, and the long-term forecast was raised about 17% to $14 per pound.
In the report, the firm commented on a few names in the moly sector and adjust their ratings accordingly.
General Moly (GMO) saw its rating upgraded from Sector Perform to Sector Outperform and its price target increased to $4.80 per share. And Mercator Minerals (ML.CA) was maintained at Sector Perform and its price target was increased to $2.70 per share.
CIBC felt General Moly and Mercator Minerals had the most upside potential in the sector and as a result, the firm downgraded peer Thompson Creek Metal (NASDAQ:TC) from Sector Perform to Sector Underperform. Despite the downgrade, the firm raised its price target to $14.50 per share.
In afternoon trading, General Moly and Mercator Minerals were trading about flat, while shares of Thompson Creek were hit hard by the downgrade, falling almost five percent.
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