Shares in Tiger Resources (TGS) hit an eight-month high as brokers were impressed with the emerging copper producer’s record quarterly production.
Canaccord Genuity has reiterated its “buy” recommendation on the stock with a price target of 86 cents after Tiger delivered its second successive quarter of record copper output from its 60% owned Kipoi Copper Project in the Democratic Republic of Congo.
The stock added 0.7 cents, or 2.2%) to 35.2 cents during lunch time trade, and is up by around 85% since we highlighted the miner’s strong attributes on July 3 (see Why a dog can be an investor’s best friend).
The Uncapped 100 miner produced 12,123 tonnes of copper in concentrate from its plant in the September quarter, which is 35% ahead of the plant’s original design capacity and 9% above the previous quarter.
Foster Stockbroking called Tiger’s latest production report “every impressive” as it exceeded its forecast of 10,400 tonnes for the quarter due to higher than expected recoveries and head grade.
Foster also kept its “buy” recommendation on the stock and has a price target of 55 cents a share.