BMO: Turquoise(TRQ.US) upgraded to “equal-weight” on offer

2022-06-20 0 By

BMO Capital analyst Jackie Przybylowski upgraded Turquoise Hill (TRQ.us) to “perform” from “underperform” and raised her target price to C $34 from C $20, Zhitong Financial APP learned.The analyst said Rio’s unsolicited C $34 per share offer was reasonable given the risk to spot copper prices, project timing and budget, and the risk of filling the funding gap.Rio tinto is understood to have offered to buy Turquoise Hill for $2.7bn on Monday to gain control of a large copper mine it is developing in Mongolia.Rio said it would offer Minority shareholders in Turquoise Hill C $34 a share (us $26.60), a 32 per cent premium to Friday’s closing price.The Company has not entered into any agreement with Turquoise Hill at this time.Turquoise Hill closed up 31.89% at $26.55 on Monday after the announcement.