Dahlman Rose Thinks This Stock Will Appreciate 283.3% (THM)

Dahlman Rose & Co. sees massive potential in shares of International Tower Hill Mines Ltd (NYSE: THM), as it believes shares can appreciate some 283.3%. It has a $23.84 price target and a Buy rating on shares. The company announced an equity financing up to C$105 million. In the research report, Dahlman Rose writes, "By our estimate, this offering will likely take the fully diluted share count up to 90.4MM shares. By our methodology, any share issuance below our calculated NAV becomes dilutive to intrinsic value per share (as absent share issuances, we assume future cash needs are met with debt). Based on the new share count and including the new cash to be raised, we calculate a new NAV of US$23.84/share - still leaving significant upside potential for shareholders. We maintain our Buy rating." Shares of THM are up 6 cents to $6.28.