Globe says Desjardins, TD both rate Sherritt "hold"These guys are always late. They come out with the predictions when the stock has already come down.
Globe says Desjardins, TD both rate Sherritt "hold"
Sherritt International Corp (C:S)
Shares Issued 293,885,466
Last Close 9/18/2015 $0.94
Monday September 21 2015 - In the News
The Globe and Mail reports in its Saturday, Sept. 19, edition that Desjardins Securities analyst Jackie Przybylowski continues to rate Sherritt International (94 cents) "hold" with above average risk. The Globe's Gillian Livingston writes in the Eye On Equities column Ms. Przybylowski boosted her share target by a nickel to $2.15. Analysts on average target the shares at $3.58. Sherritt has cut its one-cent-per-share quarterly dividend and cut its capital spending budget for this year, with additional cuts expected for next year. Ms. Przybylowski says this is to help improve its balance sheet in a challenging market. The analyst says: "These moves will provide additional liquidity, which may be used to fund the Ambatovy operations ... and to fund Ambatovy's financial completion certificate (Sherritt's share is about $50-million). ... We note that funds with a dividend mandate could now be precluded from holding positions in the company." Sherritt's removal from the S&P/TSX composite index could lead to "selling pressure over the next few weeks." Meanwhile, TD Securities downgraded the stock to "hold" from "speculative buy" with a 12-month target price of $1.25 per share.