Turquoise Hill Res (TRQ) Received its Third Buy in a Row

Turquoise Hill Res (TRQResearch Report) seems to be popular among analysts lately, as after Canaccord Genuity and Scotiabank rated the stock a Buy this past month, there is another positive note, this time from CIBC. The company received a Buy yesterday from analyst Oscar Cabrera, with a C$3.50 price target.

According to TipRanks.com, Cabrera is currently ranked with no stars on a 0-5 star ranking scale, with an average return of -14.2% and a 33.3% success rate. Cabrera covers the Basic Materials sector, focusing on stocks such as First Quantum Minerals Ltd, Trevali Mining Corporation, and Teck Resources Limited.

The word on The Street in general, suggests a Strong Buy analyst consensus rating for Turquoise Hill Res with a C$4 average price target, a 70.9% upside from current levels. In a report issued on March 8, Scotiabank also reiterated a Buy rating on the stock with a C$4.25 price target.

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The company has a one-year high of C$4.37 and a one-year low of C$1.94. Currently, Turquoise Hill Res has an average volume of 2.87M.

Turquoise Hill Resources Ltd. engages in the exploration and development of mineral properties. Its principal mineral resource property include Oyu Tolgoi copper-gold-silver project located in southern Mongolia. The company was founded by Robert Martin Friedland on January 25, 1994 and is headquartered in Vancouver, Canada.

The company’s shares closed on Friday at C$2.34, close to its 52-week low of C$1.94.

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