Centerra Gold price target lowered to C$11 from C$12 at Raymond James

Raymond James lowered the firm’s price target on Centerra Gold to C$11 from C$12 and keeps an Outperform rating on the shares. The analyst says the company’s Q4 will be impacted by the moly operations. The firm notes that Centerra’s free cash flow deficit for the molybdenum business is expected to be in the range of C$45M to C$80M for the year, inclusive of care and maintenance expenses, reclamation expenditures, Thompson Creek project advancement activities, and required investments in Langeloth working capital, which are highly dependent on market moly prices.