Analyst Rene Cartier of BMO Capital maintained a Buy rating on Taseko Mines (TGB – Research Report), with a price target of C$2.75.
Rene Cartier has given Taseko Mines a Buy rating due to a combination of factors that indicate a positive outlook for the company’s operations and production capacity. The analyst points out that Taseko’s Q4/23 copper production at its Gibraltar mine exceeded expectations, with the total output surpassing both the company’s guidance and the prior year’s performance by a significant margin. This robust output sets a strong precedent as the company moves into the first half of 2024, suggesting a continuation of this upward trend in production, which is likely to appeal to investors anticipating growth.
Further bolstering the Buy rating, Cartier notes that the operational efficiency and ore grades at the Gibraltar mine contributed to the impressive results, with both throughput and grade beating estimates. The mine also saw higher molybdenum production than anticipated. These achievements come despite potential impacts to throughput, which have been carefully considered in the projections for the first half of 2024. Cartier underscores that Taseko’s leverage to copper, stable operations, and potential for growth are key drivers behind the Outperform rating, signaling confidence in the company’s future performance.
Cartier covers the Basic Materials sector, focusing on stocks such as Osisko Gold Royalties, Taseko Mines, and Sandstorm Gold. According to TipRanks, Cartier has an average return of 14.4% and a 45.19% success rate on recommended stocks.
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Taseko Mines (TGB) Company Description:
Taseko Mines Ltd. operates as a mining company, which engages in the acquisition, development, and operation of mineral deposits. Its properties include Gibraltar, Florence copper, Aley niobium, Yellowhead and New Prosperity and Harmony gold-copper projects. The company was founded on April 15, 1966 and is headquartered in Vancouver, Canada.
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