Globe says Stifel sticks with its "buy" on TouchstoneLurk & Learns:
Sometimes it is best to take one's own "advice" and sit back and see what new in the world of TXP. Recall we saw Stiefel buyong in the last couple of weeks while another was knee capping, despite a $4.00 target.
As predictable, the next two weeks, gives those TXP "believers" exposure to the (possible) upside: Globe says Stifel sticks with its "buy" on Touchstone
Touchstone Exploration Inc (2) (C:TXP)
Shares Issued 210,731,727
Last Close 12/9/2021 $1.89
Thursday December 9 2021 - In the News
The Globe and Mail reports in its Thursday, Dec. 9, edition that Stifel analyst Robert Fitzmartyn has reaffirmed his "buy" ranking for Touchstone Exploration.
The Globe's David Leeder writes that Mr. Fitzmartyn trimmed his share target by 75 cents to $2.75. Analysts on average target Touchstone Exploration shares at $3.46.
Mr. Fitzmartyn says in a note: "Following Touchstone's announcement of its second test result at Royston, we revise our suite of NAVs reflecting the characterization of Royston as a light crude oil discovery and not a natural gas feature.
Our RENAV [risked exploration net asset value] is down 22 per cent driven by a combination of factors, though dominant in one facet is that crude oil projects are encumbered by a higher fiscal take and taxation burden, although we continue to portray sizable upside on an unrisked (ENAV) basis at $3.30 per share which excludes remaining exploration optionality. As such, we are reverting to $2.75 per share, the same level prior to receipt of its initial Royston drill announcement."
The Globe reported on Dec. 19, 2020, that Canaccord analyst Charlie Sharp had upgraded Touchstone to "buy" when it was worth $2.06 and before it hit a high $3.06 in February.
© 2021 Canjex Publishing Ltd.
Caveat Emptor (Google YouTube... Last Train to San Fernando)
Cheers
Stanley