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Brokers have lined up to downgrade another gold miner, Alacer Gold Corp, in the wake of sharp falls in the gold price over the last few months. Macquarie has downgraded the stock from Outperform to Neutral, following JPMorgan's downgrade from Neutral to Underweight yesterday. Whilst Macquarie sees significant balance sheet strength and valuation upside potential from Alacer's resource, it believes that development costs will be a large drain on capital as additional debt will be required. Furthermore, JPMorgan views Alacer's divestment as positive but has concerns about finding a buyer in the current price environment. Both brokers also reduced their price target on the stock.


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