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Globe says Timmins rated "outperform" in new coverage
2017-05-05 09:02 ET - In the News
The Globe and Mail reports in its Friday, May 5, edition that Raymond James analyst Tara Hassan, touting its new management and a revised approach to its San Francisco mine in Mexico, began coverage of Timmins Gold with an "outperform" rating. The Globe's David Leeder writes in the Eye On Equities column that Ms. Hassan target the shares at 90 cents, two cents the average target of analysts. Ms. Hassan says in a note: "Timmins is in the midst of numerous corporate changes which include an overhaul of the management team, a proposed name change to Alio Gold, and a revised approach to operating and advancing its core assets. After more than 18 months of questions surrounding the direction of the company's projects and who would be at the helm, we believe the recent changes will be critical to driving share price gains in the near-term." Ms. Hassan says the company's San Francisco mine, an open pit heap leach operation with an estimated mineral reserve of 574,000 ounces of gold in Sonora, has "seen its fair share of ups and downs" since it recommenced operations in 2009. She says, "Even with recent share price gains, Timmins's current trading multiples are reflective of a company with a challenged history."