Scotiabank Forecasts Strong Price Appreciation for Teck Resources (TSE:TECK.B) Stock

Teck Resources (TSE:TECK.B) had its target price raised by equities research analysts at Scotiabank from C$60.00 to C$70.00 in a research note issued to investors on Thursday,BayStreet.CA reports. The brokerage currently has a “sector perform” rating on the stock. Scotiabank’s target price would suggest a potential upside of 1.46% from the company’s previous close.

A number of other equities research analysts also recently weighed in on the company. Stifel Nicolaus lifted their price objective on Teck Resources from C$60.00 to C$65.00 in a report on Tuesday, October 21st. Raymond James Financial decreased their price target on Teck Resources from C$64.00 to C$63.00 in a research note on Friday, October 10th. National Bankshares lowered Teck Resources from an “outperform” rating to a “sector perform” rating and increased their price objective for the stock from C$62.50 to C$65.00 in a research note on Wednesday, October 8th. TD Securities lifted their price objective on Teck Resources from C$63.00 to C$70.00 in a report on Tuesday, October 21st. Finally, JPMorgan Chase & Co. boosted their target price on shares of Teck Resources from C$56.00 to C$60.00 in a research note on Thursday, October 9th. Six analysts have rated the stock with a Buy rating and five have given a Hold rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of C$64.31.

Teck Resources Price Performance

TSE:TECK.B opened at C$68.99 on Thursday. The company has a debt-to-equity ratio of 37.46, a quick ratio of 0.97 and a current ratio of 1.48. The company has a 50-day moving average of C$61.46 and a 200-day moving average of C$55.82. Teck Resources has a 52 week low of C$40.23 and a 52 week high of C$72.07. The company has a market capitalization of C$33.68 billion, a price-to-earnings ratio of 27.71, a PEG ratio of -0.38 and a beta of 2.03.

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%.