Hecla Mining downgraded to Hold from Buy at Canaccord

Canaccord downgraded Hecla Mining (HL) to Hold from Buy with a price target of $26.50, up from $16. Given the firm’s higher commodity price forecasts, it is increasing its target price, but downgrading the shares to Hold, citing the significant rally in the company’s shares over the last 12 months, the lack of positive implied return to its revised target, and Hecla’s flat silver production profile and declining gold production profile.