Turquoise Hill Res Receives a Hold from Credit Suisse

By Jason Carr

Wall Street analyst has provided a rating update for the Materials sector company yesterday, while remaining neutral on the stock. Analyst Ralph M. Profiti from Credit Suisse reiterated a Hold rating on Turquoise Hill Res (TSX: TRQ), with a C$6 price target.

According to TipRanks.com, Profiti is a 1-star analyst with an average return of -4.8% and a 35.7% success rate. Profiti covers the Basic Materials sector, focusing on stocks such as Newmont Mining Corporation, Teck Resources Limited, and Hudbay Minerals Inc.

Turquoise Hill Res has an analyst consensus of Moderate Buy, with a price target consensus of C$6.

Based on Turquoise Hill Res’ latest earnings report for the quarter ending March 31, the company posted quarterly revenue of C$314 million and quarterly net profit of C$54.22 million. In comparison, last year the company earned revenue of C$581 million and had a net profit of C$163 million.

Turquoise Hill Resources Ltd. is a mining company, which 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 last Wednesday at $3.66, close to its 52-week low of $3.50.