Torex Gold Resources (TORXF) Receives a Hold from CIBC

By Carrie Williams

CIBC analyst Bryce Adams maintained a Hold rating on Torex Gold Resources (TORXFResearch Report) yesterday and set a price target of C$23.50. The company’s shares closed last Monday at $16.63, close to its 52-week high of $17.13.

According to TipRanks.com, Adams is a 3-star analyst with an average return of 8.6% and a 52.2% success rate. Adams covers the Basic Materials sector, focusing on stocks such as Golden Star Resources, Largo Resources, and Lundin Mining.

Currently, the analyst consensus on Torex Gold Resources is a Moderate Buy with an average price target of $17.88.

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Based on Torex Gold Resources’ latest earnings release for the quarter ending December 31, the company reported a quarterly net profit of $35.1 million. In comparison, last year the company had a net profit of $1.4 million.

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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.