Turquoise Hill Resources Ltd (NYSE:TRQ) facing the blues
In a report that was released on Wednesday, Credit Suisse reduced the price target for Turquoise Hill Resources Ltd (NYSE:TRQ) from $10.00 to $6.00 and the current rating on the stock is “neutral”. Numerous other analysts have commented on the TRQ stock lately CSFB analysts downgraded the company shares from an “outperform” to a “neutral” rating. They have now set the price target of the stock at C$6.00. Previously it stood at C$10.00.
More analyst projections
CIBC analysts downgraded the company’s shares from an “outperform” to an “underperform” rating. And have now set a target price of C$5.50 which is down from the earlier C$9.50. BMO capital market analysts also downgraded Turquoise Hill shares from an “outperform” to a “market perform” rating and have now set a price target of C$5.50 which is down from the C$10.00 that it stood at earlier. Two investment analysts have set a “sell” rating on the stock while 3 have assigned a “hold” rating. The average analyst price rating is “hold” and the average target price is C$6.25.
There as news on 2 July that Turquoise Hill Resources Ltd (NYSE:TRQ)’s controlling-shareholder, Rio Tinto does not require Mongolian parliamentary-approval for a $4B financing package. This package was meant to fund the Oyu Tolgoi underground mine which is a copper project.
Post this news, TRQ’s stock rose 10.2% to touch $5.03. Rio Tinto’s TRQ unit owns 66% of Oyu Tolgoi while the Mongolian government owns 34%. At the start of last week, TRQ stock had dropped by around 30% after Rio Tinto Plc said that it had been told that the project-financing that had been provisionally secured for this project, will need the approval of the parliament.
In Friday’s trading session, Turquoise Hill Resources Ltd (NYSE:TRQ)’s stock rose by 7.62%. The opening price of the shares was $4.63 which reached an intraday high of $5.23 and closed at $4.80. Around 18.49M shares exchanged hand in the last trading session while the average-volume of shares that were traded over a 30-days period were 4.06M.