Friday, April 9, 2010

Taseko Mines (AMEX:TGB) Downgraded, Still Soars

Investors shrugged off the downgrade of Taseko Mines Limited (AMEX:TGB) by UBS AG analyst Phillip Huang, who cut his rating from a "Buy" to "Neutral."

The major reason for the downgrade by Huang was the recent success of Taseko, which has surged 21 percent from mid-December through April 7.

On the other hand, analyst Craig Miller of Toronto-Dominion Bank, made the opposite move, upgrading Taseko Mines from a "Hold" to a "Buy," saying he based his decision on his expectation that Taseko won't be selling shares to finance the Prosperity gold and copper project.

Either way, Taseko seems to be holding strong is positioned pretty strongly for a possible nice run.

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