Scotiabank Upgrades Turquoise Hill Resources Ltd (TRQ) to Outperform
Turquoise Hill Resources Ltd (TSE:TRQ) was upgraded by investment analysts at Scotiabank from a “sector perform” rating to an “outperform” rating in a research note issued on Thursday. The brokerage presently has a C$6.00 target price on the stock, up from their prior target price of C$5.50. Scotiabank’s price objective points to a potential upside of 31.29% from the company’s current price.
Several other brokerages have also recently commented on TRQ. Royal Bank Of Canada reissued a “sector perform” rating and issued a C$5.00 price target on shares of Turquoise Hill Resources in a research report on Thursday, October 13th. CIBC raised their price target on shares of Turquoise Hill Resources from C$4.50 to C$5.00 in a research report on Wednesday, August 3rd. TD Securities reissued a “buy” rating and issued a C$5.50 price target on shares of Turquoise Hill Resources in a research report on Monday, October 24th. Canaccord Genuity reissued a “hold” rating and issued a C$4.50 price target on shares of Turquoise Hill Resources in a research report on Wednesday, August 17th. Finally, CSFB raised their price target on shares of Turquoise Hill Resources from C$4.75 to C$5.00 and gave the company a “neutral” rating in a research report on Tuesday, October 25th. Four research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. Turquoise Hill Resources presently has a consensus rating of “Hold” and a consensus target price of C$5.17.
Shares of Turquoise Hill Resources (TSE:TRQ) opened at 4.57 on Thursday. The stock’s 50 day moving average is $4.04 and its 200-day moving average is $4.04. Turquoise Hill Resources has a one year low of $2.30 and a one year high of $4.72. The stock has a market capitalization of $9.20 billion and a price-to-earnings ratio of 31.96.
About Turquoise Hill Resources
Turquoise Hill Resources Ltd. (Turquoise Hill) is an international mining company. The Company focuses on the operation and further development of the Oyu Tolgoi copper-gold mine in Southern Mongolia, which is the Company’s principal material mineral resource property. The Company’s Oyu Tolgoi mine is located approximately 550 kilometers south of Ulaanbaatar, Mongolia’s capital city, and approximately 80 kilometers north of the Mongolia-China border.
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