Touchstone Exploration Inc (AIM:TXP, TSX:TXP, OTC:PBEGF) has received a revised price target of 195p per share from house broker Shore Capital, which it said depends on the Cascadura field coming online.
Guidance for first production around the end of June was reiterated today, said the broker, with its revised forecasts still indicating an 85% increase in annual revenues to US$120mln.
The lower target reflects a more conservative risking of Ortoire exploration potential but with the shares at a hefty discount to its target, patience should be rewarded suggests Shore Cap.