Seeking Alpha

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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