Regis Resources shares lower on UBS downgrade

The news: Shares in Regis Resources slipped in morning trade after UBS downgraded the gold producer following visits to its Duketon and Tropicana mines in Western Australia.

The numbers: Regis shares were down 2.1% at 11:45pm AEST.

UBS downgraded Regis from 'neutral' to 'sell' and raised its price target from $4.20 to $4.75.

The context: UBS analysts said the visits highlighted that Regis is on track to meet its full-year guidance of 350,000 to 380,000 ounces, and will likely see incremental life extensions at both Duketon and Tropicana.

However, UBS downgraded Regis after a 93% share price surge over the last year to date.