Today >>

Analysts estimate the Silver Standard as a takeover target will decline

Analysts estimate the Silver Standard as a takeover target will decline.Silver Standard’s stock closed 5% higher on the TSX at C$16.25, having shed 21% the previous day.Announcing a $21.8-million third-quarter profit as higher silver prices more than offset a drop in output, the company said it had now addressed operating issues at Pirquitas, but decided to take the “prudent” step of halving reserves to 93.1-million ounces.

Silver Standard also revised its production guidance to between 7.3-million and 7.6-million ounces of in 2011.
“While we have taken a prudent approach to Pirquitas’ reserves, we have a great exploration team who are focused on finding more ounces,” CEO John Smith said.Lichtenheldt rated the stock a buy, but cut his 12 –month target price from $27.50 a share to $20.90.