Roth Capital analyst Joe Reagor downgraded Pretium Resources to Neutral from Buy with a price target of $8, down from $15. The analyst views the company's initial 2020 guidance and an outlook for production beyond 2020 as significantly below prior expectations. The outlook appeared to imply an average LOM grade of approximately 8.0 g/t gold, which is materially below prior estimates, Reagor tells investors in a research note. The analyst believes the reset of expectations "opens the door" for Pretium to be sold and that the board should consider this when hiring a new CEO. In the meantime, he sees "significant risk" in the near-term and thinks the company's valuation does note account for this risk fully.