Teck Resources (TSE:TECK.B) Upgraded by Raymond James Financial to Outperform Rating

Key Points

• Raymond James Financial upgraded Teck Resources from “market perform” to “outperform” and raised its price target to C$93.00 from C$90.00, implying about 8.9% upside from the current share price.
• Analyst opinion on Teck remains mixed overall: the stock has a consensus rating of “Hold” with an average price target of C$82.83, even as some firms recently lifted their targets.
• Teck shares were up 1.5% to C$85.42, and the company highlighted strong exposure to metallurgical coal and copper, including a major new copper mine project in Chile expected to boost attributable copper production by around 80%.

Teck Resources (TSE:TECK.B - Get Free Report) was upgraded by equities research analysts at Raymond James Financial from a "market perform" rating to an "outperform" rating in a report issued on Friday,BayStreet.CA reports. The brokerage presently has a C$93.00 price objective on the stock, up from their previous price objective of C$90.00. Raymond James Financial's target price would suggest a potential upside of 8.87% from the stock's current price.

A number of other research analysts also recently issued reports on the stock. Canadian Imperial Bank of Commerce boosted their target price on shares of Teck Resources from C$79.00 to C$83.00 and gave the company a "tender" rating in a research report on Friday, April 24th. Scotiabank raised their price target on shares of Teck Resources from C$80.00 to C$85.00 and gave the stock a "sector perform" rating in a report on Monday, June 15th. Canaccord Genuity Group decreased their price target on shares of Teck Resources from C$84.00 to C$81.00 and set a "hold" rating for the company in a research note on Friday. Finally, National Bank Financial upped their price objective on shares of Teck Resources from C$92.50 to C$100.00 and gave the company a "sector perform" rating in a report on Tuesday, July 14th. Three equities research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and an average price target of C$82.83.

Teck Resources Trading Up 1.5%

Shares of Teck Resources stock traded up C$1.24 on Friday, reaching C$85.42. 584,113 shares of the company's stock were exchanged, compared to its average volume of 1,133,529. The company has a market capitalization of C$41.82 billion, a P/E ratio of 22.66, a price-to-earnings-growth ratio of -0.38 and a beta of 1.81. Teck Resources has a 52 week low of C$42.95 and a 52 week high of C$98.58. The firm's 50-day moving average is C$86.23 and its two-hundred day moving average is C$79.52. 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. 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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