TD Securities Thinks Torex Gold Resources’ Stock is Going to Recover

By Ryan Adsit

Torex Gold Resources (TSX: TXG), the Materials sector company was revisited on November 9, and remains undervalued for at least one analyst on the street. Analyst Greg Barnes from TD Securities rated Torex Gold Resources (TSX: TXG) a Buy on on November 9, setting a C$19 price target.

According to TipRanks.com, Barnes is a 3-star analyst with an average return of 3.3% and a 56.5% success rate. Barnes covers the Basic Materials sector, focusing on stocks such as Wheaton Precious Metals Corp, Newmont Mining Corporation, and Teck Resources Limited.

Currently, the analyst consensus on Torex Gold Resources is Strong Buy and the average price target is C$29, representing an 117.1% upside.

In a report issued on November 6, Scotiabank also maintained a Buy rating on the stock with a C$34 price target.

Torex Gold Resources’ market cap is currently C$1.07B and has a P/E ratio of 17.4.

Torex Gold Resources, Inc. is a Canadian based resource company, which engages in the exploration and development of precious metal resources with a focus on gold. It holds interest in Morelos gold project. The company was founded on November 13, 1980 and is headquartered in Toronto, Canada.

The company’s shares closed on Friday at C$13.36, close to its 52-week low of C$12.42.