BMO Capital Markets on Friday maintained its outperform, speculative risk, rating on the shares of Foran Mining (FOM.TO) while trimming its price target to C$5.00 from C$5.25 after the company updated a technical report for its McIlvenna Bay project in Saskatchewan .
"Foran released an updated technical report at McIlvenna Bay serving as an opportunity to refine costs and the mine profile. In our view, it was generally expected costs would increase, particularly when compared to the prior, and dated, technical report; however, the update is a snapshot in time, does not include potential from the Tesla or Bridge zones, and does not factor in higher throughput rates and a corresponding expansion that is envisioned by Foran management. Incorporating the update, our target price decreases slightly to $5.00 (from $5.25)," analyst Rene Cartier wrote.
(MT Newswires covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www.mtnewswires.com/contact-us)
Price: 4.01, Change: +0.01, Percent Change: +0.38
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