Yamana Gold downgraded to Tender from Buy at TD Securities

TD Securities analyst Steven Green downgraded Yamana Gold (AUY) to Tender from Buy with a price target of $5.50, down from $6, following the new offer from Agnico Eagle Mines Limited (AEM) and Pan American Silver (PAAS). It was his view before this new offer that a competing bid could emerge and now that it has he would recommend tendering to this offer or a matching Gold Fields (GFI) offer, should that occur, Green tells investors.