BMO Capital downgraded Trilogy Metals (TMQ) to Market Perform from Outperform with a price target of $5.50, up from $3. The firm cites valuation for the downgrade following the stock’s re-rating post the U.S. federal government investment. While the news is “materially positive” for Trilogy, the shares are now trading in “excess of multiples typically ascribed for development stage projects,” the analyst tells investors in a research note. BMO believes challenges to the announcement may also emerge.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on TMQ:
- Trilogy Metals downgraded to Market Perform from Buy at Cormark
- Trilogy Metals upgraded to Buy from Hold at Cantor Fitzgerald
- Correction: Trilogy Metals upgraded to Buy from Speculative Buy at Cantor
- Trilogy Metals upgraded to Buy from Speculative Buy at Cantor Fitzgerald
- Why Is Trilogy Metals Stock (TMQ) Soaring Today?