Taseko Mines Limited (Amex:TGB) was upgraded by Canaccord Genuity from "Hold" to "Buy," based on the projection the price of copper will increase.
"We are upgrading our rating to BUY and increasing our 12-month target price to reflect our higher near- to medium-term copper price outlook. Our revised C$6.75 target is based on a 2011E EV/EBITDA multiple of 4.0x, plus in situ value for Prosperity of $2.94 per share weighted at a 75% probability of federal permitting. The stock is rated a BUY based on the company’s leverage to copper, strong balance sheet, and attractive relative NPV valuation."
This of course doesn't include if they're given permission to proceed with their Prosperity project. It they are cleared, that could result in the stock possibly doubling in value.
Just with their producing Gibraltar copper mine the number above should be close to their future performance.
Takseko closed Friday at $5.55, gaining $0.35, or 6.73 percent.
No comments:
Post a Comment