one broker's sour mml recommendation

For a reality check, worth noting the following negative recommendation of MML from Warwick Grigor, Canaccord BGF. Found on the Bull's 18 share tips 16 July:

"This gold producer is beginning to look like a fallen star. We have questions about its ability to deliver and concerns about reporting of recurring cash operating costs. In our view, the share price has seen its best times and is likely to remain under pressure for the foreseeable future. There’s better value elsewhere."
http://www.thebull.com.au/premium/a/29744-18-share-tips---16-july-2012.html

My views are obviously different, particularly since the main statement "questions about its ability to deliver" is contradicted by MML's actual post-reconstrution production growth over the past three quarters consistently heading back up to last year's output levels. Only MML's future guidance of doubling previous max output is yet to be observed (guidance for next year).

The "under pressure" comment applies to all gold shares and resource shares -- in fact, any shares other than defensives. But Ducascopy has a good interview with Serius Commodities in Geneva on gold's trend line later this year (as if anyone can predict gold prices).

Any evidence validating this broker's views, or not?