Raymond James Financial Boosts Teck Resources (TSE:TECK.B) Price Target to C$105.00

Key Points

• Raymond James raised Teck Resources’ price target to C$105 from C$93 and maintained an “outperform” rating, implying 5.72% upside from the reported C$99.32 share price.
• Analyst sentiment remains mixed: three analysts rate the stock “Buy” and six rate it “Hold,” producing an overall “Hold” consensus and average target of C$85.36.
• Teck shares are near their 52-week high, with a market capitalization of about C$48.73 billion. The company’s diversified mining portfolio includes coal, copper, zinc and oil sands, while its Quebrada Blanca 2 project is expected to increase attributable copper production by roughly 80%.

Teck Resources (TSE:TECK.B - Get Free Report) had its target price increased by investment analysts at Raymond James Financial from C$93.00 to C$105.00 in a research report issued on Wednesday,BayStreet.CA reports. The firm currently has an "outperform" rating on the stock. Raymond James Financial's price target suggests a potential upside of 5.72% from the company's current price.

Other analysts have also recently issued research reports about the stock. Scotiabank raised their target price on shares of Teck Resources from C$80.00 to C$85.00 and gave the stock a "sector perform" rating in a research note on Monday, June 15th. Canaccord Genuity Group lowered their price target on shares of Teck Resources from C$84.00 to C$81.00 and set a "hold" rating on the stock in a report on Friday, July 24th. Finally, National Bank Financial raised their price objective on shares of Teck Resources from C$100.00 to C$105.00 and gave the stock a "sector perform" rating in a research report on Friday, July 24th. Three research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Hold" and an average target price of C$85.36.

Teck Resources Stock Performance

TECK.B stock traded up C$0.34 during midday trading on Wednesday, reaching C$99.32. 642,431 shares of the company were exchanged, compared to its average volume of 1,118,347. Teck Resources has a one year low of C$43.85 and a one year high of C$99.81. The firm has a market capitalization of C$48.73 billion, a price-to-earnings ratio of 19.51, a price-to-earnings-growth ratio of -0.38 and a beta of 1.80. The business has a 50-day moving average price of C$86.58 and a two-hundred day moving average price of C$82.31. The company has a debt-to-equity ratio of 37.46, a current ratio of 1.48 and a quick ratio of 0.97.

Teck Resources Company Profile

Teck is a diversified miner with coal, copper, zinc, and oil sands operations in Canada, the United States, Chile, and Peru. Metallurgical coal is Teck's primary commodity in terms of EBITDA contribution, closely followed by copper, with zinc and oil sands contributing smaller amounts to earnings. Teck ranks as the world's second- largest exporter of seaborne metallurgical coal and is a top-three zinc miner. It is building a major new copper mine in Chile at the majority-owned Quebrada Blanca 2, in partnership with Sumitomo, which will increase Teck's attributable copper production by around 80%.

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