Scotiabank Thinks Turquoise Hill Res’ Stock is Going to Recover

By Carrie Williams

Turquoise Hill Res (TSX: TRQ), the Materials sector company, has received a rating update from a Wall Street analyst today. Analyst Orest Wowkodaw from Scotiabank rated Turquoise Hill Res (TSX: TRQ) a Buy, setting a C$6 price target.

According to TipRanks.com, Wowkodaw is a top 100 analyst with an average return of 31.2% and a 58.6% success rate. Wowkodaw covers the Basic Materials sector, focusing on stocks such as Teck Resources Limited, Taseko Mines Limited, and Hudbay Minerals Inc.

Currently, the analyst consensus on Turquoise Hill Res is Moderate Buy and the average price target is C$6, representing a 62.6% upside.

In a report issued on May 16, TD Securities also reiterated a Buy rating on the stock with a C$6 price target.

Turquoise Hill Res’ market cap is currently C$7.37B and has a P/E ratio of 53.1.

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 Monday at $3.69, close to its 52-week low of $3.43.