Prime Mining downgraded to Hold from Buy at Stifel

Stifel downgraded Prime Mining (PRMNF) to Hold from Buy with a price target of C$2.57, down from C$4.75, after Torex Gold (TORXF) announced it will acquire all the outstanding shares of Prime at 0.06 Torex shares per Prime share, representing an offer price of C$2.57 per share and an equity value of C$449M. The Torex offer “provides a strong and clear strategic rationale for consolidation,” the analyst tells investors.