The Globe and Mail reports in its Wednesday, Nov. 20, edition that TD Cowen analyst Craig Hutchison has cut Entree Resources to "hold" from "buy." The Globe's David Leeder writes in the Eye On Equities column that Mr. Hutchison, currently the lone analyst covering Entree Resources, continues to target the shares at $2. Entree Resources shares are up almost 75 per cent year-to-date, blowing past Mr. Hutchison's share target. Mr. Hutchison says in a note: "Given the underlying complexity and uncertain timing of the company's ongoing arbitration and licence transfer efforts at [its Oyu Tolgoi copper-gold mining project in Mongolia], it is difficult to point to a sure-fire catalyst in the next 12-months with the conviction required to maintain a 'buy' rating at current valuation levels, in our view. ... While ultimately Rio Tinto was successful in acquiring Turquoise Hill, no offer has emerged for Entree Resources as the company continues to work through a mining license-related arbitration process with Rio Tinto. Horizon Copper and Rio Tinto continue to be the company's largest shareholders at 24 per cent and 16 per cent. ... It is difficult to point to a clear near-term catalyst for the company with strong conviction."