TD Securities Upgrades Thompson Creek Metals (TC) to Buy; Mt. Milligan Financing Concerns De-risked
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Price: $2.28 +5.07%
Rating Summary:
1 Buy, 9 Hold, 5 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 12 | Down: 23 | New: 22
Rating Summary:
1 Buy, 9 Hold, 5 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 12 | Down: 23 | New: 22
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TD Securities upgraded Thompson Creek Metals (NYSE: TC) from Hold to Buy, price target lowered from C$7.50 to C$6.00.
Analyst, Craig Miller, said, "We have updated our model to reflect the new financing assumptions and more conservative start-up assumptions for Mt. Milligan. With the changes made to our assumptions noted below, our base 10%NAVPS estimate declined to $7.88 and our target price decreased to C$6.00. The financings, once closed, should provide enough working capital to meet capital expenditures at Mt. Milligan, and the interest payments on the notes. Despite our more conservative estimates and lower target price, we believe that the downside risk to the company is now fully priced into the market and given the 43% upside to our target price, we are upgrading the company to BUY."
For an analyst ratings summary and ratings history on Thompson Creek Metals click here. For more ratings news on Thompson Creek Metals click here.
Shares of Thompson Creek Metals closed at $4.21 yesterday.
Analyst, Craig Miller, said, "We have updated our model to reflect the new financing assumptions and more conservative start-up assumptions for Mt. Milligan. With the changes made to our assumptions noted below, our base 10%NAVPS estimate declined to $7.88 and our target price decreased to C$6.00. The financings, once closed, should provide enough working capital to meet capital expenditures at Mt. Milligan, and the interest payments on the notes. Despite our more conservative estimates and lower target price, we believe that the downside risk to the company is now fully priced into the market and given the 43% upside to our target price, we are upgrading the company to BUY."
For an analyst ratings summary and ratings history on Thompson Creek Metals click here. For more ratings news on Thompson Creek Metals click here.
Shares of Thompson Creek Metals closed at $4.21 yesterday.
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