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Investing.com - TD Securities downgraded Taseko Mines Ltd. (TKO:CN) (NYSE:TGB) from Buy to Hold on Wednesday, while simultaneously raising its price target to C$5.00 from C$3.50. The stock has shown remarkable momentum, gaining over 80% year-to-date and currently trading near its 52-week high of $3.67.
The research firm cited valuation concerns despite the higher price target, noting that Taseko shares are currently trading at 1.3 times net asset value (NAV) and 5.7 times estimated 2026 EBITDA. According to InvestingPro data, the company’s current enterprise value to EBITDA ratio stands at 20.68x, supporting these valuation concerns.
TD Securities analyst Craig Hutchison indicated the firm believes Taseko is now "fully valued" at current levels, prompting the rating downgrade despite the substantial 43% increase in the price target.
The higher price target reflects increased copper price forecasts and a higher valuation for Taseko’s New Prosperity project, according to the research note.
TD Securities also highlighted potential upside to its estimates for Taseko’s Florence project if Section 232 tariffs come into long-term effect at proposed levels, though this wasn’t enough to maintain the previous Buy rating.
In other recent news, Taseko Mines announced the commencement of the environmental assessment process for its Yellowhead project, which prompted BMO Capital to raise its price target for the company from C$5.00 to C$5.50. BMO Capital maintained an Outperform rating and highlighted the project’s large net present value and eligibility for meaningful tax credits as supportive factors for its development. The firm stated that it would look for further progress at Yellowhead to more fully incorporate the project into its valuation of Taseko Mines. Additionally, Taseko Mines has scheduled its Annual General Meeting for June 12, 2025, as noted in a Form 6-K filing with the U.S. Securities and Exchange Commission. The filing includes a Management Information Circular for shareholders, detailing matters to be voted on, such as the election of directors and the appointment of auditors. The AGM materials will be integrated into the company’s Registration Statement on Form F-10, ensuring investors and shareholders are informed about governance and performance. Taseko Mines has confirmed compliance with SEC reporting requirements by filing annual reports under Form 40-F for Canadian issuers. Further details about the AGM and company performance are expected as the meeting date approaches.
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