Bank of America upgraded the miner to "buy" with a $7 price target compared to a previous "neutral" rating and $3 target.
The investment bank said its valuation was based on a mine-by-mine net asset value estimate and the likelihood the company will generate EBITDA greater than market cap over 2015.
However, the call is not without its risks.
"A protracted economic recovery or further European sovereign credit problems are the main risks to our TCM estimates and price objective, as these could prevent metal demand growth expected in 2014-15 and impact our commodity price forecasts. We also see execution risks at the Mt. Milligan development project with potential capital overruns due to a tight skilled labor market," wrote analysts in the report.
TheStreet Ratings team rates THOMPSON CREEK METALS CO INC as a Sell with a ratings score of D. The team has this to say about their recommendation:
"We rate THOMPSON CREEK METALS CO INC (TC) a SELL. This is driven by a few notable weaknesses, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. The company's weaknesses can be seen in multiple areas, such as its disappointing return on equity, generally disappointing historical performance in the stock itself and poor profit margins."