Dahlman Rose Reiterates Buy Rating on Allied Nevada Gold Corp. (ANV)

Dahlman Rose is out with a research report this afternoon, where it reiterates its Buy rating on Allied Nevada Gold Corp. ANV; it has a $43.11 price target on the stock. The DR analysts cited the company's recent reserve and resource estimate update; Proven and Probable Au and Ag reserves increased 7% to 2.6MM oz of Au, and 27% to 49.3MM oz of Ag, compared to the August 2010 mineral reserve update. As for valuation, the analysts remarked, “We have modified our model to account for the new Resource and Reserve addition, as well as the updated mill scoping study and expanded production plan. Our preliminary modeling shows a ~$8/sh NAV increase vs the prior, smaller leach expansion and oxide/sulfide mill plan.”