CIBC downgraded shares of Turquoise Hill Resources (TSE:TRQ) (NYSE:TRQ) from an outperform rating to a neutral rating in a report released on Thursday morning, BayStreet.CA reports. The firm currently has C$1.20 price target on the stock, down from their prior price target of C$3.50.
Several other research firms have also weighed in on TRQ. Eight Capital lowered Turquoise Hill Resources from a buy rating to a neutral rating and lowered their price objective for the company from C$4.50 to C$3.00 in a research note on Tuesday, July 16th. TD Securities lowered Turquoise Hill Resources from a buy rating to a speculative buy rating and lowered their price objective for the company from C$4.00 to C$2.25 in a research note on Wednesday, July 17th. Finally, Canaccord Genuity lowered their price objective on Turquoise Hill Resources from C$4.50 to C$2.25 in a research note on Tuesday, July 16th.
TRQ stock opened at C$0.83 on Thursday. Turquoise Hill Resources has a 1-year low of C$0.76 and a 1-year high of C$3.82. The company has a market cap of $1.67 billion and a price-to-earnings ratio of 3.82. The firm has a 50 day moving average of C$1.52. The company has a debt-to-equity ratio of 49.44, a quick ratio of 2.98 and a current ratio of 6.32.
Turquoise Hill Resources Company Profile
Turquoise Hill Resources Ltd., together with its subsidiaries, operates as a mining company. The company explores for copper, gold, silver, and molybdenum deposits. It primarily develops and operates the Oyu Tolgoi mine located in the southern Mongolia. The company was formerly known as Ivanhoe Mines Ltd.
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