10:18 AM EDT, 04/27/2018 (MT Newswires) -- Though it reported a better-than-expected first-quarter profit and production results after market close on Thursday, a group of equity analysts downgraded their ratings for Detour Gold (DGC.TO) in response to the company's reduced forward guidance, the Globe & Mail reported.

Based on a revised life of mine plan for its Detour Lake project, Detour now projects 2018 gold production of 595,000 to 635,000 ounces, falling from a previous range of 600,000 to 650,000. It all-in sustaining cost estimate rose to $1,200 to $1,280 from a range of $1,050 to $1,150 previously.

Credit Suisse's Anita Soni lowered the stock to neutral from outperform with a target of $15.50, falling from $16. The average on the Street is currently $20.

"The EPS beat is largely overshadowed by DGC's revised mine plan, which is indicating higher operating costs and capex over the LOM, diminishing cash flow benefits from accelerating ounces into the near-term," said Soni. "As a result, we have downgraded our rating."

DGC shares fell 30% in early trading to $10.

Price: 10.00, Change: -4.40, Percent Change: -30.56