UBS analyst Myles Allsop upgraded Teck Resources to Buy from Neutral with a price target of C$78, up from C$76. The stock’s risk/reward has improved following the commodity price consolidation, the analyst tells investors in a research note. The firm expects Teck shares to benefit from higher copper prices and to re-rate as the company announces the next phase of its growth, new cost savings and full QB2 ramp.
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 Announces New Structure to Support Energy Transition Metals Growth
- Teck Resources call volume above normal and directionally bullish
- Teck Resources price target lowered to C$78 from C$84 at Scotiabank
- Teck being watched by biggest miners as possible target, Bloomberg says
- Teck Resources deal being studied by biggest miners, Bloomberg says