San Gold Corp.

The gold miner should trade at discount to its peers given expectations for “low-margin production and negative free cash flow generation over the next 12 months,” said TD Securities analyst Daniel Earle. External funding will likely be required to complete a planned two-year development program at the Rice Lake mining complex.

Downside: He reduced his target to 60 cents a share from $1.10, and maintained his “hold” rating.