Trilogy Metals price target raised to C$5.50 from C$2.25 at TD Securities

TD Securities raised the firm’s price target on Trilogy Metals (TMQ) to C$5.50 from C$2.25 and keeps a Hold rating on the shares. The U.S. government granted the permits for Ambler Road and invested $35.6M in Trilogy, acquiring a 10% stake, the analyst tells investors in a research note. The firm views the news as “materially positive” for Trilogy and sees the stock’s jump today as justified. The higher price target reflects a higher likelihood of project advancement following the U.S. Department of Defense investment and the signing of the order to promptly reinstate, grant and finalize all necessary permits.