Canaccord Genuity Upgrades Turquoise Hill Resources Ltd (TRQ) to Buy
Turquoise Hill Resources Ltd (TSE:TRQ) (NYSE:TRQ) was upgraded by analysts at Canaccord Genuity from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Monday. The brokerage currently has a C$6.25 price target on the stock, up from their previous price target of C$4.50. Canaccord Genuity’s price objective would suggest a potential upside of 35.57% from the company’s current price.
TRQ has been the topic of a number of other research reports. Scotiabank upgraded shares of Turquoise Hill Resources from a “sector perform” rating to an “outperform” rating and upped their price objective for the stock from C$5.50 to C$6.00 in a report on Thursday, November 10th. Royal Bank Of Canada reiterated a “sector perform” rating and set a C$5.00 price target on shares of Turquoise Hill Resources in a report on Thursday, October 13th. TD Securities reiterated a “buy” rating and set a C$5.50 price target on shares of Turquoise Hill Resources in a report on Monday, October 24th. CIBC increased their price target on shares of Turquoise Hill Resources from C$4.50 to C$5.00 in a report on Wednesday, August 3rd. Finally, CSFB increased 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 report on Tuesday, October 25th. Three research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. The company currently has a consensus rating of “Buy” and a consensus price target of C$5.46.
Shares of Turquoise Hill Resources (TSE:TRQ) opened at 4.61 on Monday. The firm’s 50-day moving average is $4.08 and its 200-day moving average is $4.07. Turquoise Hill Resources has a one year low of $2.30 and a one year high of $4.77. The company has a market cap of $9.28 billion and a PE ratio of 32.24.
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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