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BUZZ-Lonmin: At record low as restructuring prompts PT cuts

Mon, 27th Jul 2015 14:25

(Updates share movement to add record low, link to Fridaystory)

** Platinum miner's shares down 10 pct to a recordlow of 56p, after Citi, Credit Suisse, JP Morgan, and DeutscheBank cut price targets

** Worst two-day fall for co since Oct. 2008, with 1.2x itsdaily avg volume having gone through

** Shares fell to previous low of 68.1p on Friday after coannounced that it would cut production and layoff up to 6,000workers

** Brokerages cite company's announcement for PT cut; addthat rights issue remains a possibility

** Citi analysts cut PT to 78p from 113p, keep "neutral/highrisk" rating, after cutting their net present value to 78 cents

** JP Morgan analysts cut PT to 100p from 190p, keep"neutral" rating

** Deutsche Bank analysts cut PT to 160p from 190p, keep"neutral" rating

** Credit Suisse analysts cut PT to 160p from 250p, keep"outperform" rating (venkateshasoumithri.mamidipudi.thomsonreuters.com@reuters.net)

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