Take it with a grain of salt. Cooper's track record is awful.

Globe says CIBC's Cooper cools to San Gold

San Gold Corp (C:SGR)
Shares Issued 312,576,841
Last Close 11/17/2011 $1.96
Friday November 18 2011 - In the News

The Globe and Mail reports in its Friday, Nov. 18, edition that CIBC World Markets analyst Barry Cooper has tempered his rating on San Gold ($1.96) and pared his price target. The Globe's Darcy Keith writes in the Eye On Equities column that Mr. Cooper knocked his rating on San Gold back to "sector performer" from "sector outperformer." He says he trimmed his valuation because of lower grades at San Gold's Rice Lake complex in Manitoba. The analyst says the buildup to higher production will take longer than expected, and "as a consequence, we think that the shares will lose some of their appeal to growth and value players." Mr. Cooper cut his price target by $1.70 to $3. Mr. Cooper was bearish on San Gold in the Eye column on Oct. 5, 2010, when it could be had for $3.25. In the item Mr. Cooper lowered his price target to $4.75 from $6. Mr. Cooper warned that San Gold could face lower grades than expected at its Rice Lake project. He expected higher dilution given the complexities of the veins. Mr. Cooper downgraded his price target on San Gold to $3.60 from $5.50 in the Eye column on May 17, 2011. The stock was then worth $2.66. He said mined grades had fallen short of those indicated by project reserves.

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