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Investing.com - BMO Capital has raised its price target on Taseko Mines Ltd. (TKO:CN) (NYSE:TGB) to C$5.50 from C$5.00 while maintaining an Outperform rating on the stock.
The price target increase follows Taseko’s announcement regarding the commencement of the environmental assessment process for its Yellowhead project.
BMO Capital noted that Taseko has provided the results of an updated technical report for the Yellowhead project, which shows a large net present value (NPV) alongside a large pre-production capital cost.
The research firm highlighted that the project’s eligibility for meaningful tax credits is supportive of its development prospects.
BMO Capital indicated it will be looking for further demonstrated progress at Yellowhead before more fully accounting for the project in its valuation and outlook for Taseko Mines.
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