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Bellevue Gold Ltd (BGL) $1.40

This month, BGL plunged the most in nine years after raising $150mn to repay more than half of its debt. At the same time, Barrenjoey downgraded the stock to “Underweight” with a $1.25 price target. The new shares were issued at $1.55, and buyers are already showing an almost 10% loss  –  this is another overhang that will probably see plenty of selling into strength, and take time to work through.

  • We see no reason to fade BGL’s weakness in the short term, a test of $1.20 would not surprise.
BGL
MM is neutral towards BGL
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Bellevue Gold Ltd (BGL)
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