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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