The Globe and Mail reports in its Tuesday edition that Canaccord Genuity analyst Jeremy Hoy assumed coverage on Monday on Torex Gold Resources with a "buy" recommendation following the departure of a colleague. The Globe's David Leeder writes that Mr. Hoy set a share target of $27. Analysts on average target the shares at $25.21. Mr. Hoy says in a note: "While the stock has now rebounded from what we view as deeply unwarranted lows as recently as September, we believe there remains upside from a rerate via execution on Media Luna, noting the ongoing build does present an elevated period of risk over the coming year. Offsetting this risk, in our view, is TXG's balance sheet, major ongoing FCF from ELG, and a strong management team that has executed particularly well on the operations front over the last year. We believe valuation remains fairly attractive at current levels (P/NAV of 0.46 times vs. peers at 0.70 times) though note operating in Guerrero and the recent noise related to Mexico's mining policies will likely continue contributing towards a discount vs. peers in higher quality jurisdictions." The Globe reported on April 26 that Scotia Capital rated Torex "sector perform." It was then worth $22.48.