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Thompson Creek target raised Add to ...

There's much to cheer over at Thompson Creek Metals Co., now and when they used to call it Blue Pearl Mining, as the stock has gained nearly 4 per cent to $19.71 on the TSX Tuesday morning. The world's No. 5 molybdenum producer has increased the life of its Endako mine in British Columbia to 27 years from six years, by upping reserves and assuming long-term molybdenum prices at $10 (U.S.) a pound instead of $3.50. As a result, Versant Partners analyst Ian Parkinson raised his price target on the stock to $28.25 (Canadian) from $23, noting that while Thompson's valuation is heavily influenced by the metal's price, the "outlook for molybdenum continues to be positive." Desjardins Securities analyst John Redstone, who rates Thompson a "top pick," with a target price of $21.40, is modelling with a long-term molybdenum price of $18 a pound (U.S.).

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