Scotia Capital Maintains Sector Outperform On Harry Winston Diamond

Scotia Capital is out with a research report on Harry Winston Diamond Corporation HWD and is maintaining its Sector Outperform rating and $22.50 price target. In a note to clients, Scotia Capital writes, "Production from Diavik for Q2/11. On a 100% basis, the Daivik mine had production of 1.79 M cts (716,000 cts to HW's 40% JV) compared with 1.612 M cts in the previous year quarter (645,000 cts to HW's 40% JV). Costs were not provided. Q2 production was 11% higher YOY and 32% higher than Q1/11 due to an increase in ore processed from mine sequencing, which enabled access to higher grades from the A418 pit." Shares of HWD closed at $17.12 on Friday.