NEW YORK, July 10 (newratings.com) - Analysts at UBS downgrade Northgate Minerals (NE6.BER) from "buy" to "neutral," while raising their estimates for the company. The target price has been reduced from C$5.00 to C$4.75.
In a research note published this morning, the analysts mention that the company has been disallowed to pursue its bid for Aurizon Mines by the BC Court of Appeals due to its violation of a standstill agreement. The EPS estimate for 2006 has been raised from $0.45 to $0.54 to reflect higher copper prices and inventory sales.
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Northgate Minerals upgraded to "buy" - update
Friday, June 23, 2006 2:43:59 PM ET UBS
NEW YORK, June 23 (newratings.com) – Analysts at UBS upgrade Northgate Minerals from "neutral" to "buy." The target price is set to C$5.
In a research note published this morning, the analysts mention that the company’s stock has been underperforming that of its peers. Northgate Minerals’ share price has declined by almost 28% from its peak levels, the analysts say. There is concern that the company would raise its bid for Aurizon, UBS adds. The current offer for Aurizon represents a 51% share dilution for Northgate Minerals, according to the analysts.
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