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Hecla Mining (HL) Stock Falls on Ratings Downgrade, Lower Gold Prices

NEW YORK (TheStreet) -- Shares of Hecla Mining (HL) were slumping in late-afternoon trading on Tuesday as the stock was downgraded at BMO Capital Markets and gold prices fell.

The firm lowered its rating on shares to "market perform" from "outperform" with a $7 price target this morning.

BMO Capital said the company's balance sheet is manageable, but contributes to the greatest net asset value leverage of its peers, which poses a risk if commodity prices decline.

"In our base case range-bound price scenario, which largely reflects our long-term price forecasts, HL shares are already trading above peers on a NAV basis," the firm continued in an analyst note. "In a 25% downside scenario, the sensitivity analysis...


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