Noble Capital Downgrades Comstock Mining (LODE) to Market Perform

Noble Capital analyst Mark Reichman downgraded Comstock Mining (NYSE: LODE) from Outperform to Market Perform.

The analyst commented: "While we had upgraded Comstock Inc. to Outperform on November 4, we have concluded our rating upgrade may have been too early, despite the
share price appreciating ~33% from the date of our upgrade. It appears the company’s near-term capital needs remain significant, and we will reassess the value of the company’s businesses, once Comstock’s commercial scale recycling facility is operational and plans for the company’s mining assets are more fully realized. Moreover, we have been frustrated by the company’s promises to monetize non-core assets, including properties in Silver Springs, Nevada, without following through on its commitment. At this stage, we consider Comstock’s investment in Bioleum Corporation as a call option on its growth and success, which is subject to significant risk factors."

For an analyst ratings summary and ratings history on Comstock Mining click here. For more ratings news on Comstock Mining click here.

Shares of Comstock Mining closed at $3.93 yesterday.

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