Teck Resources (TSE:TECK.B – Free Report) had its price objective reduced by Canaccord Genuity Group from C$84.00 to C$81.00 in a research note released on Friday morning,BayStreet.CA reports. Canaccord Genuity Group currently has a hold rating on the stock.
A number of other analysts have also recently issued reports on the company. Canadian Imperial Bank of Commerce raised their price objective on 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. Raymond James Financial boosted their target price on Teck Resources from C$78.00 to C$80.00 and gave the stock a “market perform” rating in a report on Friday, April 24th. Scotiabank increased their price target on Teck Resources from C$80.00 to C$85.00 and gave the company a “sector perform” rating in a research note on Monday, June 15th. Finally, National Bank Financial raised their price target on 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 six have given a Hold rating to the company. According to MarketBeat.com, the company has an average rating of “Hold” and an average target price of C$84.27.
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Teck Resources Stock Up 1.0%
Teck Resources News Summary
Here are the key news stories impacting Teck Resources this week:
- Positive Sentiment: Raymond James upgraded Teck Resources to outperform from market perform and raised its price target to C$93, implying additional upside for the stock. Teck Resources upgraded by Raymond James
- Positive Sentiment: National Bank Financial raised its price target on Teck Resources to C$105 from C$100, signaling continued confidence even while keeping a sector perform rating. National Bank Financial raises Teck target
- Positive Sentiment: Coverage highlighting Teck’s Q2 earnings beat and record copper-driven results is supporting the stock, as higher copper output and prices boosted profit. Teck Resources up after earnings beat
- Positive Sentiment: Another report said Teck topped profit estimates on stronger copper production and prices, reinforcing the positive sentiment around the stock. Teck tops profit estimates
- Neutral Sentiment: Canaccord Genuity cut its price target to C$81 from C$84 and maintained a hold rating, which tempers some of the optimism despite the stronger operating results. Canaccord lowers Teck target
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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