Paradigm Capital Forecasts Strong Price Appreciation for Erdene Resource Development (TSE:ERD) Stock

Erdene Resource Development (TSE:ERD) had its price target lifted by equities researchers at Paradigm Capital from C$11.00 to C$14.40 in a research note issued to investors on Tuesday,BayStreet.CA reports. The brokerage presently has a “speculative buy” rating on the stock. Paradigm Capital’s price target would indicate a potential upside of 57.38% from the stock’s previous close.

Erdene Resource Development Stock Performance

ERD opened at C$9.15 on Tuesday. The business’s 50-day simple moving average is C$8.21 and its 200 day simple moving average is C$6.37. Erdene Resource Development has a 52-week low of C$3.48 and a 52-week high of C$10.95. The firm has a market capitalization of C$563.92 million, a PE ratio of -45.75 and a beta of 1.57.

Erdene Resource Development (TSE:ERD) last posted its quarterly earnings results on Tuesday, November 4th. The company reported C$0.05 earnings per share for the quarter.

Erdene Resource Development Company Profile

Erdene Resource Development Corp is a Canadian-based resource exploration company. It is primarily engaged in the exploration and development of precious metals and mineral deposits in Mongolia. The company’s project consists of Bayan Khundii, Altan Nar, Zuun Mod, and Khuvyn Khar. The Bayan Khundii and Altan Nar project is located within the Tian-Shan copper-gold belt in southwest Mongolia from the Chinese border city of Ceke. The Zuun Mod project is located within 200 kilometres of China’s border in Mongolia’s Bayankhongor Province.