Fly News Breaks for May 13, 2019
May 13, 2019 | 07:41 EDT
BMO Capital analyst Ryan Thompson downgraded Hecla Mining to Underperform and lowered his price target to $1.10 from $1.80 after its Q1 earnings miss, saying the results also revealed an additional $85M drawn on its revolver. The analyst calls the company's balance sheet as "too stretched for comfort" and believes that the possibility of a covenant breach on its bank debt is high. Thompson further believes that an attempt by Hecla Mining to raise equity would meet a "challenging market" while an asset sale is unlikely to generate the assumed cash values.
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