Dahlman Rose Lowers Estimate, Reiterates Buy Rating on Taseko Mines
Dahlman Rose is out with a research report this afternoon, where it reiterates its Buy rating on Taseko Mines (NYSE: TGB); it has a $9.94 price target on the stock.
The DR analysts cited Taseko Mines's quarterly earnings results, which came in short of consensus, primarily due to lower production and higher-than-expected operating costs.
A harsh winter, coupled with variable head grades, significantly decreased Cu production and resulted in lower full-year guidance.
As for valuation, the analysts remarked, “We look forward to seeing how production ramp-up continues to develop at Gibraltar. We have revised our model to better reflect the full-year guidance; the negative impact on NAV is minimal.”
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