B. Riley FBR analyst Adam Graf downgraded Royal Gold (RGLD) to Neutral from Buy with a price target of $122, down from $127.10. The analyst says lower longer-term expectations for Mount Milligan are a negative to Royal Gold's valuation. Graf remodeled Mount Milligan production to lower mill throughput expectations after Centerra Gold (CAGDF) reported a $231M impairment on Mount Milligan copper-gold mine, citing higher costs and lower gold recovery assumptions. The analyst recommends swapping into smaller-cap names "that tend to outperform over a gold bull cycle," namely Coeur Mining (CDE) and Pretium Resources (PVG).

Coeur Mining is down -9.8%, or -44c to $4.06.