Teck Resources (TSE:TECK.B) Given New C$85.50 Price Target at Canaccord Genuity Group

Key Points

• Canaccord Genuity raised its price target on Teck Resources to C$85.50 (from C$78.00) while maintaining a "hold" rating, implying roughly a 3.6% upside from the current share price.
• Consensus among analysts is an overall "Hold"—three Buy and eight Hold—with an average price target of C$80.25.
• TECK.B traded at C$82.54 midday with a market cap of C$40.41B, a P/E of 29.17 and a 52-week range of C$42.95–C$86.48, leaving the stock near recent highs but with limited upside versus consensus targets.

Teck Resources (TSE:TECK.B - Get Free Report) had its price objective increased by research analysts at Canaccord Genuity Group from C$78.00 to C$85.50 in a research note issued on Friday,BayStreet.CA reports. The firm presently has a "hold" rating on the stock. Canaccord Genuity Group's price objective would indicate a potential upside of 3.59% from the company's current price.

A number of other brokerages have also issued reports on TECK.B. Scotiabank raised their target price on Teck Resources from C$70.00 to C$75.00 in a research note on Tuesday, April 14th. TD Securities raised their target price on Teck Resources from C$76.00 to C$82.00 and gave the stock a "hold" rating in a research note on Monday, February 23rd. Jefferies Financial Group raised their target price on Teck Resources from C$71.00 to C$80.00 in a research note on Monday, January 12th. Canadian Imperial Bank of Commerce raised their target price on Teck Resources from C$79.00 to C$83.00 and gave the stock a "tender" rating in a research note on Friday. Finally, Raymond James Financial raised their target price on Teck Resources from C$78.00 to C$80.00 and gave the stock a "market perform" rating in a research note on Friday. Three investment analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the company's stock. According to MarketBeat.com, Teck Resources has an average rating of "Hold" and an average price target of C$80.25.

Teck Resources Stock Performance

TECK.B stock traded down C$0.77 during midday trading on Friday, reaching C$82.54. The stock had a trading volume of 410,928 shares, compared to its average volume of 1,185,303. The stock has a market cap of C$40.41 billion, a PE ratio of 29.17, a P/E/G ratio of -0.38 and a beta of 1.82. The company has a debt-to-equity ratio of 37.46, a quick ratio of 0.97 and a current ratio of 1.48. The firm has a fifty day simple moving average of C$74.94 and a two-hundred day simple moving average of C$68.16. Teck Resources has a 52-week low of C$42.95 and a 52-week high of C$86.48.

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. 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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