Positive tax ruling removes overhang; new peak pricing scenario; raising target to
US$13.00 from US$6.25
We are off restriction on Primero Mining and reiterate our BUY rating following the announcement of a positive advance tax ruling from the Mexican tax authorities. The ruling removes the largest overhang on the shares and frees up cash that was contingent on the outcome of the tax ruling
Opinions being what they are, I shall give you my price target: In view of the fact that PPP has won a positive ruling from the Mexican tax authorities and given that it can be expected that gold prices will increase over the next 12 months due to currency turbulence on the international markets, I see PPP hitting $20.00 within the next 12 months.