BMO Capital Markets on Wednesday reiterated its outperform rating on the shares of Torex Gold Resources (TXG.TO) while raising its price target to C$80.00 from an undisclosed prior level after the company completed its acquisition of Prime Mining.

"We are off restriction from Torex's acquisition of Prime Mining, expected to close in Q4. We view the deal positively, as Torex picks up a solid development asset with the ability to leverage its project development/mine building expertise in Mexico. The project timeline should allow self-funding without jeopardizing shareholder capital return objectives. Torex plans to release a PEA on the project in 2026. Our target price rises to $80, which also reflects BMO's new metals price deck, and we reiterate our Outperform rating," analyst Kevin O'Halloran wrote.

(MT Newswires covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www.mtnewswires.com/contact-us)

Price: 62.42, Change: +2.36, Percent Change: +3.93