North American Palladium Downgraded by Raymond James, HSBC

The Globe and Mail reported that Raymond James analyst Alex Terentiew has downgraded North American Palladium Ltd. (TSX:PDL,AMEX:PAL) to “market perform” from “outperform,” while Sam Crittenden, an analyst at RBC Dominion Securities, moved his rating from “sector perform” down to “underperform.”

As quoted in the market news:

North American Palladium Ltd. only has about one month before it runs out of cash, making it critical for the company to issue new equity immediately, warned Raymond James analyst Alex Terentiew.

“With its chief operating officer departing, an LDI operations review ongoing, and need for financing enhanced due to negative preliminary revisions to 2013 production, cash costs and capex guidance, we believe the pressure falls squarely on the shoulders of the new CEO Phil du Toit to carry the company through this challenging time,” he said in a research note.

Mr. Terentiew slashed his price target to $1.40 from $2.50. Mr. Crittenden cut his target to $1.25 from $1.75.

Click here to read the full report from The Globe and Mail.