-- CIBC Capital Markets on Thursday lowered Lundin Gold's (LUG.TO) price target to C$137 from C$141 with a neutral rating.
Lundin's adjusted earnings of US$1.13 per share in the first quarter beat the Street estimate of US$1.10 per share and the CIBC forecast of $1.07 per share.
The beat was largely driven by lower operating costs.
Free cash flow was US$349 million, above CIBC's projection of US$280 million on favorable working capital changes and cash taxes.
Lundin traded at C$96.23 per share at last look Friday on the Toronto Stock Exchange.
Price: $95.29, Change: $+2.89, Percent Change: +3.13%