Teck Resources (TSE:TECK.B) Price Target Raised to C$83.00 at Canadian Imperial Bank of Commerce

Key Points

• Canadian Imperial Bank of Commerce raised its price target on Teck to C$83.00 (from C$79.00) and kept a "tender" rating, implying roughly a 0.56% upside from the recent share price.
• Several other analysts have also raised targets—including Citigroup to C$104—but MarketBeat's consensus remains "Hold" with a consensus target of C$80.25.
• Teck traded at about C$82.54 with a market cap near C$40.41 billion; the diversified miner is ramping the Quebrada Blanca 2 copper project, which should boost attributable copper production by ~80%.

Teck Resources (TSE:TECK.B - Get Free Report) had its price target raised by Canadian Imperial Bank of Commerce from C$79.00 to C$83.00 in a report released on Friday,BayStreet.CA reports. The firm currently has a "tender" rating on the stock. Canadian Imperial Bank of Commerce's price objective indicates a potential upside of 0.56% from the company's current price.

A number of other analysts have also recently issued reports on TECK.B. Stifel Nicolaus increased their target price on Teck Resources from C$65.00 to C$80.00 and gave the stock a "hold" rating in a research note on Wednesday, February 11th. Citigroup raised Teck Resources from a "neutral" rating to a "buy" rating and increased their target price for the stock from C$76.00 to C$104.00 in a research note on Monday, February 2nd. National Bank Financial increased their target price on Teck Resources from C$90.00 to C$92.50 and gave the stock a "sector perform" rating in a research note on Friday. TD Securities raised their price target on shares of 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. Finally, Scotiabank raised their price target on shares of Teck Resources from C$70.00 to C$75.00 in a research note on Tuesday, April 14th. Three investment analysts have rated the stock with a Buy rating and eight have given a Hold rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus target price of C$80.25.

Teck Resources Stock Down 0.9%

TSE TECK.B traded down C$0.77 during trading hours on Friday, reaching C$82.54. 410,928 shares of the company's stock were exchanged, compared to its average volume of 1,185,303. The company's 50-day moving average is C$74.94 and its two-hundred day moving average is C$68.16. Teck Resources has a one year low of C$42.95 and a one year high of C$86.48. 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 company has a market capitalization of C$40.41 billion, a price-to-earnings ratio of 29.17, a price-to-earnings-growth ratio of -0.38 and a beta of 1.82.

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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