BUZZ-Turquoise Hill Resources Ltd: CIBC cuts price target to C$4

Wed Mar 25, 2015 1:32pm EDT
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** Canadian miner's U.S.-listed shares down about 5 pct at $2.93; Toronto-listed stock down 5 pct at C$3.65

** Analysts at CIBC cut price target to C$4 from C$4.50, citing ongoing negotiations with Mongolian government

** Turquoise Hill is a unit of Rio Tinto Plc , which is in dispute with the government over cost reruns at the Oyu Tolgoi copper mine

** Turquoise Hill owns two-thirds of the mine

** Company on Tuesday reported Q4 net income of $111.3 mln vs $138.4 mln last year

** Up to Tuesday's close, Turquoise Hill's Toronto-listed stock had risen 7.2 pct this year