Gold Road Resources (ASX:GOR) is likely to receive a revised or sweetened offer from Gold Fields, Euroz Hartleys said in a Tuesday note.

The company rejected New York Stock Exchange-listed Gold Fields' proposal to acquire the company for AU$2.27 per share, according to a March 25 filing.

Gold Fields manages the company's Gruyere joint venture in Western Australia.

The research firm expects a sweetened takeover offer due to the rare nature of its long-life, low-cost assets, such as Gruyere, an asset they know "better than anyone else" in the market.

Euroz Hartleys maintained its buy rating with an increased price target of AU$3.58 from AU$3.10.

The company's shares fell 6% in recent Wednesday trade.