RE:BMOMy assumption was correct. GLTA
BMO cut its target price to C$5.50 from C$6.25 and downgraded its rating to to “market perform” from “outperform.”
BMO’s Mr. Murphy said, “We view the company’s recent asset sale and exploration spinout as maximizing value for pre-distribution shareholders. However, we view the cash flow outlook of the new Spartan Delta as significantly impacted by our revised outlook for natural gas prices through 2024. While we consider its asset base to be well positioned for free cash flow generation, pricing should limit this potential in the near/medium-term.”