Is this U.S.-China selloff a buy? A top Wall Street voice weighs in
Investing.com - BMO Capital raised its price target on Torex Gold Resources (TSX:TXG) (OTC:TORXF) to C$80.00 from C$62.00 on Wednesday, while maintaining an Outperform rating on the stock. The company, with a market capitalization of $3.83 billion, has demonstrated remarkable performance with a 119.83% return year-to-date and is currently trading near its 52-week high of $45.79.
The price target increase follows Torex’s acquisition of Prime Mining, a deal expected to close in the fourth quarter of 2024, according to BMO Capital.
BMO Capital views the acquisition positively, noting that Torex is acquiring a "solid development asset" that allows the company to leverage its project development and mine-building expertise in Mexico.
The research firm highlighted that the project timeline should enable self-funding without compromising Torex’s shareholder capital return objectives, with Torex planning to release a Preliminary Economic Assessment (PEA) on the project in 2026.
BMO Capital’s new price target also reflects the firm’s updated metals price deck, contributing to the significant increase in valuation for the gold mining company.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.