Teck Resources (TSE:TECK.B) Price Target Lowered to C$57.00 at Scotiabank

Key Points

• Scotiabank has lowered its price target for Teck Resources from C$66.00 to C$57.00, indicating a potential upside of 24.95% from the current trading price.
• Other analysts have also reduced their price targets, with Royal Bank of Canada dropping theirs from C$82.00 to C$67.00 and UBS Group from C$67.00 to C$55.00.
• Teck Resources shares experienced a 4.8% decline, trading at C$45.62 recently, with an average trading volume of over 2 million shares on that day.
• Despite recent downgrades, analyst consensus remains a "Moderate Buy" rating with a consensus price target of C$64.11.

Teck Resources (TSE:TECK.B - Get Free Report) had its target price dropped by stock analysts at Scotiabank from C$66.00 to C$57.00 in a research note issued on Friday,BayStreet.CA reports. Scotiabank's target price would suggest a potential upside of 24.95% from the stock's current price.

Other analysts have also issued research reports about the company. Royal Bank Of Canada dropped their price objective on Teck Resources from C$82.00 to C$67.00 in a research note on Friday. Raymond James Financial reduced their price objective on Teck Resources from C$71.00 to C$63.00 in a report on Friday. UBS Group reduced their target price on shares of Teck Resources from C$67.00 to C$55.00 in a report on Wednesday, April 23rd. National Bankshares increased their price objective on shares of Teck Resources from C$65.00 to C$66.00 and gave the company an "outperform" rating in a report on Wednesday, July 9th. Finally, Desjardins downgraded Teck Resources from a "buy" rating to a "hold" rating and lowered their price target for the stock from C$72.00 to C$58.00 in a research report on Friday, July 18th. Three investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of C$64.11.

Teck Resources Stock Down 4.8%

TECK.B traded down C$2.32 during mid-day trading on Friday, reaching C$45.62. 2,118,313 shares of the stock were exchanged, compared to its average volume of 1,399,233. The company has a 50 day moving average price of C$52.42 and a two-hundred day moving average price of C$54.29. 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 stock has a market capitalization of C$23.36 billion, a PE ratio of 16.35, a price-to-earnings-growth ratio of -0.38 and a beta of 1.37. Teck Resources has a 1 year low of C$40.23 and a 1 year high of C$72.92.

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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