Turquoise Hill upgraded at TD Securities

Turquoise Hill Resources (TRQ +0.2%) is upgraded to Hold from Reduce with a C$4.50 price target, up from C$4.25, at TD Securities, as the firm foresees higher near-term copper prices and lower long-term gold prices and rolls forward its distributable cash flows estimates for the Oyu Tolgoi mine by one year.

With the rights offering complete, the firm estimates TRQ now has a positive net cash position, which should grow over the rest of the year from strong cash flows generated from Oyu Tolgoi.

The firm expects TRQ to complete an updated feasibility study for Oyu Tolgoi with 6-12 months and resolve the key outstanding issues with Mongolia's government to allow resumption of the underground mine construction.

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