Canaccord Genuity Group Cuts Teck Resources (TSE:TECK.B) Price Target to C$81.00

Key Points

• Canaccord Genuity Group lowered its price target on Teck Resources from C$84.00 to C$81.00 and kept a hold rating, implying about a 5.17% downside from the prior close.
• Other analysts remain mixed on the stock: recent target-price updates have ranged from C$80.00 to C$100.00, while MarketBeat data shows an overall Hold consensus and an average target of C$82.83.
• Teck Resources shares were up 1.5% on Friday to C$85.42, and the company remains a major diversified miner with key exposure to metallurgical coal and copper, including growth from the Quebrada Blanca 2 copper project.

Teck Resources (TSE:TECK.B - Get Free Report) had its target price reduced by stock analysts at Canaccord Genuity Group from C$84.00 to C$81.00 in a research report issued to clients and investors on Friday,BayStreet.CA reports. The brokerage presently has a "hold" rating on the stock. Canaccord Genuity Group's target price indicates a potential downside of 5.17% from the company's previous close.

Several other equities research analysts also recently issued reports on TECK.B. Scotiabank increased their price objective on 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. National Bank Financial lifted their target price on Teck Resources from C$92.50 to C$100.00 and gave the company a "sector perform" rating in a research note on Tuesday, July 14th. Raymond James Financial upped their target price on Teck Resources from C$78.00 to C$80.00 and gave the company a "market perform" rating in a report on Friday, April 24th. Finally, Canadian Imperial Bank of Commerce increased their price target on shares of Teck Resources from C$79.00 to C$83.00 and gave the stock a "tender" rating in a research report on Friday, April 24th. Three analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company. According to data from MarketBeat.com, Teck Resources has an average rating of "Hold" and an average target price of C$82.83.

Teck Resources Stock Up 1.5%

Shares of Teck Resources stock traded up C$1.24 during midday trading on Friday, hitting C$85.42. The company's stock had a trading volume of 584,113 shares, compared to its average volume of 1,133,529. Teck Resources has a 1-year low of C$42.95 and a 1-year high of C$98.58. The company has a quick ratio of 0.97, a current ratio of 1.48 and a debt-to-equity ratio of 37.46. The firm has a market capitalization of C$41.82 billion, a P/E ratio of 22.66, a PEG ratio of -0.38 and a beta of 1.81. The stock has a 50-day simple moving average of C$86.23 and a 200-day simple moving average of C$79.52.

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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