According to BMO Capital Markets:
Q4/12 Earnings Affected by Endako Writedown
Thompson Creek Metals reported an adjusted fourth quarter loss of US$0.08 per share, lower than BMO Research’s forecast for a loss of US$0.04 per share, and consensus expectation for a loss of US$0.06 per share.
Slightly negative. While the Mt Milligan construction project remains on track, aided by relatively milder winter weather in B.C., the molybdenum business continues to struggle due to ongoing weakness in the metal’s price and nearterm production issues at Endako.
BMO Research has revised 2013 EPS and CFPS to reflect updated Endako production and cost guidance.
Valuations have been updated to reflect the weaker quarter and BMO Research believes that TCM remains on the cusp of enjoying a potential near-term valuation metric "crest" with the completion of Mt Milligan and improving molybdenum prices.
BMO Research is lowering the target price to C$4.60 per share and maintains a Market Perform rating.