RE: RE: RE: Near-term valuation of new NGX ( withnot sure i follow you on that one Rock - do you not agree with TD increasing NGX's target price to reflect the accretion from the Primero acqusition? Likewise, are you questioning TD's lowering of Primero's target price to reflect fact that there is an offer to purchase at $4.2 (vs. TD's previous target of $8)? Both make sense to me. Would have liked to have seen a higher premium but can't say I disagree with TD revising its targets in both cases. They're simply adjusting to recent events and its pro forma assessement of Nortgate. The NAV origianlly assigned to Primero has not changed though - flows over to Northgate however at much higher share count so on per share basis is not as high for NGX pro forma. Primero shareholders essentially bring to the table its own NAV though ownership has been diluted down to 31% (from 100% including Goldcorp). Primero also ends up with 31% interest in NGX's NAV. The math works though (ie. there's no games being played by the anlaysts or anything like that).
I hear you about maintaining healthy levels of skepticism when reading analyst's reports though. My largest criticism would be they are usually late to the game providing value added pre-emtive recommendations. The stock usually reacts immediatley following release of new imformation. Analysts usually alter their assumptions to allign with the price of the stock after the fact so generally end up looking like they called it but typically end up being weather men after the fact. I'll read a report to get a good coles notes of the company and similar to you, do my own DD when comes to valuation.