TD Securities Cuts Torex Gold Resources (TSE:TXG) Price Target to C$62.00

Key Points

• TD Securities has lowered its price target for Torex Gold Resources from C$64.00 to C$62.00, while maintaining a "buy" rating on the stock, indicating a potential upside of 51.00% from its current price.
• Other analysts have also increased their price targets for Torex Gold Resources, with most recent adjustments bringing targets as high as C$70.00, suggesting strong market support.
• The stock is currently trading at C$41.06, with a market cap of C$2.49 billion and a twelve-month price range between C$20.68 and C$49.25.

Torex Gold Resources (TSE:TXG - Get Free Report) had its target price decreased by research analysts at TD Securities from C$64.00 to C$62.00 in a research note issued on Friday,BayStreet.CA reports. The firm presently has a "buy" rating on the stock. TD Securities' price objective would indicate a potential upside of 44.52% from the company's current price.

Several other analysts have also issued reports on the company. Raymond James Financial boosted their price target on Torex Gold Resources from C$47.00 to C$55.00 in a report on Tuesday, July 29th. National Bankshares set a C$70.00 price objective on Torex Gold Resources and gave the stock an "outperform" rating in a research note on Thursday, June 5th. CIBC raised Torex Gold Resources from a "neutral" rating to an "outperform" rating and upped their price objective for the stock from C$42.00 to C$58.00 in a research note on Monday, April 14th. Desjardins upped their price objective on 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. Finally, Cibc World Mkts raised Torex Gold Resources from a "hold" rating to a "strong-buy" rating in a research note on Monday, April 14th. Seven research analysts have rated the stock with a buy rating and two have issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Buy" and an average target price of C$59.56.

Torex Gold Resources Stock Performance

TSE:TXG traded up C$0.39 during mid-day trading on Friday, hitting C$42.90. 50,835 shares of the company traded hands, compared to its average volume of 324,501. The stock's fifty day moving average price is C$43.54 and its 200-day moving average price is C$40.22. Torex Gold Resources has a one year low of C$22.98 and a one year high of C$49.25. The company has a quick ratio of 2.12, a current ratio of 1.00 and a debt-to-equity ratio of 8.09. The firm has a market cap of C$2.60 billion, a price-to-earnings ratio of 23.07, a price-to-earnings-growth ratio of 0.02 and a beta of 1.34.

About Torex Gold Resources

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.