Anvil Mining "strong buy," target price reduced05/13/08 -...

Anvil Mining "strong buy," target price reduced
05/13/08 - Raymond James

NEW YORK, May 13 (newratings.com) - Analysts at Raymond James maintain their "strong buy" rating on Anvil Mining Limited (FBJ), while reducing their estimates for the company. The target price has been reduced to C$24.

In a research note published this morning, the analysts mention that the company has reported its 1Q EPS short of the estimates and the consensus. Anvil Mining has reduced its production guidance for copper and silver for 2008 from 55,000 tonnes to 47,000 tonnes and from 1.3 million ozs to 950,000 ozs, respectively. The EPS estimates for 2008, 2009 and 2010 have been reduced from $3.11 to $1.44, from $3.49 to $3.42 and from $4.13 to $4.05, respectively, to reflect the reduced production guidance and higher operating cost assumptions.