A-Mark Precious Metals price target lowered to $44 from $66 at DA Davidson

DA Davidson lowered the firm’s price target on A-Mark Precious Metals to $44 from $66 and keeps a Buy rating on the shares. The analyst cites the company’s Q1 earnings miss and updated model reflecting the firm’s reduced near-term projections, the company exiting the September quarter with a small net cash position than we projected, and an increase in its discount rate assumption with the 10-Year Treasury yield at 4.6%.