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

Raymond James Financial upgraded shares of Teck Resources (TSE:TECK.B) from a market perform rating to an outperform rating in a research note released on Friday morning,BayStreet.CA reports. They currently have C$93.00 target price on the stock, up from their previous target price of C$90.00.

A number of other brokerages have also recently commented on TECK.B. Scotiabank raised their price objective 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. Canaccord Genuity Group reduced 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 report on Friday. National Bank Financial boosted their price target on shares of Teck Resources from C$92.50 to C$100.00 and gave the company a “sector perform” rating in a research note on Tuesday, July 14th. Finally, 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 stock a “tender” rating in a research report on Friday, April 24th. Three analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. According to MarketBeat, Teck Resources currently has a consensus rating of “Hold” and a consensus price target of C$84.27.

Teck Resources Stock Performance

Shares of Teck Resources stock opened at C$85.01 on Friday. The company has a market cap of C$41.71 billion, a P/E ratio of 22.55, a PEG ratio of -0.38 and a beta of 1.81. The business has a 50-day moving average price of C$86.24 and a two-hundred day moving average price of C$79.56. The company has a current ratio of 1.48, a quick ratio of 0.97 and a debt-to-equity ratio of 37.46. Teck Resources has a 1-year low of C$42.95 and a 1-year high of C$98.58.

Trending Headlines about Teck Resources

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%.