Torex Gold Resources upgraded to Outperform from Sector Perform at National Bank

National Bank analyst Don DeMarco upgraded Torex Gold Resources to Outperform from Sector Perform with a price target of C$37.75, up from C$31.25. The firm incorporated revised commodity price assumptions as part of its Precious Metals Price Update, noting that with real interest rates declining throughout the year, along with continued heightened geopolitical risk and central banks remaining net purchasers of gold, it is seeing gold/silver prices responding positively, up 26% and 28% year-to-date, the analyst tells investors in a research note. National Bank adds that it remains bullish on the precious metals outlook going into year-end on the same basis.