National Bank of Canada Increases Torex Gold's Price Target to C$101 form C$98

10:50 AM EDT, 05/14/2026 (MT Newswires) -- National Bank of Canada on Wednesday raised Torex Gold Resources' (TORXF) price target to C$101 from $98 with an outperform rating.

The higher price target was based on a higher NTM EBITDA window and using a 6.5x EV/EBITDA multiple, National Bank said.

The price target reflects the company's results for the first quarter, with financials mixed and higher-than-expected costs, while dividend and share buybacks increased, the bank said.

Torex will initially focus on its expanded shareholder program in 2026, and will review the opportunity to continue the program into 2027 as the year progresses, particularly with the buybacks as the dividend is already expected to continue indefinitely, National Bank said.

Torex traded at $67.44 per share at last look Thursday on the Toronto Stock Exchange.

Price: 67.27, Change: -1.95, Percent Change: -2.82

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