Shares of Taseko Mines (TGB) plummeted 9.81% during intraday trading on Thursday, as investors reacted to a significant analyst downgrade. The sharp decline came shortly after Cantor Fitzgerald analyst Mike Kozak revised his rating on the mining company.

Cantor Fitzgerald downgraded Taseko Mines from Buy to Hold, signaling a more cautious stance on the stock's near-term prospects. Interestingly, despite the downgrade, Kozak raised the price target for Taseko from C$4.75 to C$6.50. However, the market appeared to focus more on the rating change than the increased price target.

The substantial sell-off highlights the impact that analyst opinions can have on investor sentiment, particularly in the mining sector. While the raised price target suggests some long-term optimism, the Hold rating implies that Cantor Fitzgerald sees limited upside potential in the short term. Investors will likely be watching closely for any further developments or guidance from Taseko Mines that could influence the stock's trajectory in the coming days.