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Frontera downgraded to "neutral" Add to ...

Shares of Frontera Copper Corp. have been on a tear during the past four months, outperforming its peer group with a nearly 75 per cent gain. But that performance has prompted UBS to downgrade the stock to "neutral" from "buy," even though the price target goes up to $8 from $7.50. The stock is trading at $7.20, down 3.4 per cent, on the TSX Tuesday. Analyst Alec Kodatsky also raised his 2007 forecast of Frontera's copper sales to 59.1 million pounds from 57.6 million, bringing them more inline with company guidance of 60-to-63 million pounds. He figures second-quarter per-share profit will come in a 28 cents (U.S.) a share, up from the year-earlier 8 cents, reflecting higher copper prices and an ongoing program to heap leach additional ore at its Piedras Verdes mine project.

 

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