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After the chief executive of Lundin Mining Corp. announced on Wednesday evening that the company isn't going to be sold after all, investors have voiced their displeasure: In early trading on Thursday, the shares fell 19.5 per cent, bringing them close to a three-month low.

So, now what? Greg Barnes, an analyst at TD Newcrest, maintained a "buy" recommendation on the copper producer but trimmed his target price to $9, a fairly hefty haircut from an earlier target of $10.50.

"Lundin has been trading at premium multiples...versus its peer group [based on net asset values and earnings before interest, taxes, depreciation and amortization] due to expectations for a pending transaction," Mr. Barnes said in a note.

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He expects the stock to fall in line with its peers now that there is no takeover premium built in. However, in the range of $6.50 to $7.00 (the shares traded at $6.89 in late-morning trading on Thursday), he believes that they provide a very attractive return.

"An added complication is the impending retirement of CEO, Phil Wright - finding a new CEO for the company could be time consuming in the current environment, which may cause added shareholder uncertainty and slow-down the search for growth opportunities," Mr. Barnes said. That being said, we have a high degree of confidence in Paul Conibear's ability to run the company in the interim."

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