Canaccord Adams Maintains 'Buy' Rating on Taseko Mines Limited (TGB)
More News related to TGB
- Taseko Reduces Long-term Debt & Extends Copper Hedge
- Taseko Announces Strengthening Financial Results on Improving Production Performance
- Taseko to Release First Quarter 2009 Results on May 13, 2009
- Canaccord Adams Maintains 'Buy' Rating on Taseko Mines Limited (TGB)
- Taseko Mines Limited (TGB) Appoints of Peter Mitchell as Chief Financial Officer
Canaccord Adams maintains a 'Buy' rating on Taseko Mines Limited (AMEX: TGB), but lowers price target to C$2.00 from C$7.50 based on markedly lower copper price outlook.
Canaccord analyst says, "In light of a deteriorating global economic environment, we have lowered our commodity price forecasts across the board. We have materially revised our estimates based on our markedly lower copper price outlook...Our revised C$2.00 target is based on a lower multiple of 4.0x (from 5.5x) our average CY 2009/2010 CFPS estimates, reflecting a severe contraction in market multiples, plus C$0.01/lb (from C$0.02/lb) of in situ value for the company’s large but undeveloped Prosperity copper-gold project. Despite our markedly lower estimates, we continue to recommend Taseko a BUY based on the company’s impressive near-to-medium term production growth profile and low political risk operations."
Taseko Mines Limited (Taseko) is a mining exploration, development and production company.
Related Categories
Analyst CommentsStocks Mentioned
-0.06Related Entities
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
