Scotiabank Cuts Teck Resources (TSE:TECK.B) Price Target to C$55.00

Key Points

• Scotiabank has reduced the price target for Teck Resources (TSE:TECK.B) from C$57.00 to C$55.00 while maintaining an "outperform" rating, indicating a potential upside of 14.13% from the current price.
• Other firms, including Desjardins and National Bankshares, have also downgraded their target prices for Teck Resources, reflecting a cautious outlook from multiple analysts.
• Teck Resources trades around C$48.19, is a leading exporter of metallurgical coal, and has a market cap of C$23.56 billion, with significant contributions from coal, copper, and zinc operations.

Teck Resources (TSE:TECK.B - Get Free Report) had its target price reduced by equities research analysts at Scotiabank from C$57.00 to C$55.00 in a report released on Monday,BayStreet.CA reports. The brokerage presently has an "outperform" rating on the stock. Scotiabank's target price suggests a potential upside of 14.13% from the company's current price.

TECK.B has been the subject of several other reports. Desjardins downgraded Teck Resources from a "buy" rating to a "hold" rating and dropped their price target for the stock from C$72.00 to C$58.00 in a research note on Friday, July 18th. National Bankshares decreased their price target on Teck Resources from C$66.00 to C$62.50 in a research note on Friday, July 25th. TD Securities decreased their price objective on Teck Resources from C$64.00 to C$60.00 and set a "buy" rating for the company in a research report on Friday, July 25th. Jefferies Financial Group reduced their target price on Teck Resources from C$65.00 to C$60.00 in a report on Friday, July 25th. Finally, Royal Bank Of Canada lowered their target price on Teck Resources from C$82.00 to C$67.00 in a report on Friday, July 25th. Six research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of C$63.04.

Teck Resources Price Performance

Teck Resources stock traded up C$0.63 during mid-day trading on Monday, hitting C$48.19. 732,541 shares of the company traded hands, compared to its average volume of 1,403,218. The stock has a market cap of C$23.56 billion, a price-to-earnings ratio of 83.09, a price-to-earnings-growth ratio of -0.38 and a beta of 1.60. Teck Resources has a one year low of C$40.23 and a one year high of C$72.92. The stock has a fifty day moving average price of C$48.24 and a 200-day moving average price of C$50.79. The company has a debt-to-equity ratio of 37.46, a quick ratio of 0.97 and a current ratio of 1.48.

About Teck Resources

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.

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