UBS downgraded Teck Resources (TECK) to Neutral from Buy with an unchanged price target of C$76. The stock is up 40% over the past 12 months, in line with other high quality copper stocks, despite the operational issues at QB and no tangible progress with the near-term growth projects, the analyst tells investors in a research note. The firm thinks it could take 6-9 months for Teck to regain investor confidence, which it feels is likely needed for the stock to re-rate further.
Don't Miss our Black Friday Offers:
- Unlock your investing potential with TipRanks Premium - Now At 40% OFF!
- Make smarter investments with weekly expert stock picks from the Smart Investor Newsletter
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on TECK:
- Teck Resources call volume above normal and directionally bullish
- Teck Resources price target raised to C$75 from C$74 at Raymond James
- Teck Resources price target raised to C$75 from C$74 at Scotiabank
- Teck Resources Aims for Major Copper Growth by 2030
- Teck Resources details copper growth strategy at investor day