Canaccord Genuity Group Forecasts Strong Price Appreciation for Torex Gold Resources (TSE:TXG) Stock

Key Points

• Canaccord Genuity Group has raised its target price for Torex Gold Resources (TSE:TXG) from C$64.00 to C$77.00, suggesting a potential upside of 29.17% from its previous close.
• Other analysts, including Desjardins and Scotiabank, also increased their price targets for the company, with an average target price now at C$62.10 and an overall rating of "Buy."
• Torex Gold Resources stock recently traded up 1.4% to C$59.61, with a market capitalization of C$5.14 billion and a 12-month trading range from C$25.41 to C$60.02.

Torex Gold Resources (TSE:TXG - Get Free Report) had its target price lifted by Canaccord Genuity Group from C$64.00 to C$77.00 in a research note issued on Thursday,BayStreet.CA reports. Canaccord Genuity Group's price objective would indicate a potential upside of 29.17% from the company's previous close.

Several other research analysts also recently issued reports on TXG. Desjardins upped their target price on shares of Torex Gold Resources from C$63.00 to C$65.00 and gave the stock a "buy" rating in a research note on Tuesday, July 29th. Scotiabank upped their price objective on Torex Gold Resources from C$48.00 to C$50.00 and gave the company an "outperform" rating in a research report on Wednesday, June 4th. Royal Bank Of Canada upped their price target on Torex Gold Resources from C$60.00 to C$65.00 in a report on Thursday, June 12th. National Bankshares upped their price target on Torex Gold Resources from C$71.00 to C$75.00 and gave the company an "outperform" rating in a report on Wednesday, September 24th. Finally, Raymond James Financial upped their target price on shares of Torex Gold Resources from C$55.00 to C$58.00 in a research note on Thursday, August 21st. Two research analysts have rated the stock with a Strong Buy rating and five have issued a Buy rating to the company. According to MarketBeat, Torex Gold Resources currently has an average rating of "Buy" and an average target price of C$62.10.

Torex Gold Resources Stock Up 1.4%

Torex Gold Resources stock traded up C$0.81 during mid-day trading on Thursday, hitting C$59.61. The company had a trading volume of 259,889 shares, compared to its average volume of 349,402. The company has a market capitalization of C$5.14 billion, a PE ratio of 24.53, a price-to-earnings-growth ratio of 0.02 and a beta of 0.70. The stock's 50 day moving average price is C$47.33 and its two-hundred day moving average price is C$44.45. Torex Gold Resources has a 12 month low of C$25.41 and a 12 month high of C$60.02. The company has a current ratio of 1.00, a quick ratio of 2.12 and a debt-to-equity ratio of 8.09.

Torex Gold Resources Company Profile

Torex Gold Resources Inc is an intermediate producer of gold and other precious metals, engaged in the exploration, development, and exploration of its wholly owned Morelos Gold Property. The property consists of 29,000 hectares in the Guerrero Gold Belt, located 180 kilometres southwest of Mexico City and approximately 50 kilometres southwest of Iguala.

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