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Teck Resources downgraded to Neutral from Buy at UBS
The Fly

Teck Resources downgraded to Neutral from Buy at UBS

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.

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