Teck Resources (TSE:TECK.B) Stock Rating Upgraded by Raymond James Financial

Teck Resources (TSE:TECK.B) was upgraded by investment analysts at Raymond James Financial from a “market perform” rating to an “outperform” rating in a report issued on Friday,BayStreet.CA reports. The firm currently has a C$93.00 price target on the stock, up from their previous price target of C$90.00. Raymond James Financial’s price objective indicates a potential upside of 9.40% from the stock’s previous close.

Other equities research analysts have also issued reports about the company. Canadian Imperial Bank of Commerce boosted their price objective on Teck Resources from C$79.00 to C$83.00 and gave the stock a “tender” rating in a research note on Friday, April 24th. Canaccord Genuity Group decreased their target price on Teck Resources from C$84.00 to C$81.00 and set a “hold” rating on the stock in a research report on Friday. National Bank Financial lifted their price target on Teck Resources from C$92.50 to C$100.00 and gave the stock a “sector perform” rating in a research note on Tuesday, July 14th. Finally, Scotiabank boosted their price target on Teck Resources from C$80.00 to C$85.00 and gave the stock a “sector perform” rating in a research report on Monday, June 15th. Three equities research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. According to MarketBeat, Teck Resources presently has a consensus rating of “Hold” and a consensus target price of C$84.27.

Teck Resources Stock Up 1.0%

TECK.B opened at C$85.01 on Friday. Teck Resources has a twelve month low of C$42.95 and a twelve month high of C$98.58. The company has a quick ratio of 0.97, a current ratio of 1.48 and a debt-to-equity ratio of 37.46. The company has a 50-day moving average price of C$86.24 and a 200 day moving average price of C$79.56. The company has a market cap of C$41.71 billion, a PE ratio of 22.55, a price-to-earnings-growth ratio of -0.38 and a beta of 1.81.

Trending Headlines about Teck Resources

Here are the key news stories impacting Teck Resources this week:

• Positive Sentiment: Raymond James upgraded Teck Resources to outperform from market perform and raised its price target to C$93, implying additional upside for the stock. Teck Resources upgraded by Raymond James
• Positive Sentiment: National Bank Financial raised its price target on Teck Resources to C$105 from C$100, signaling continued confidence even while keeping a sector perform rating. National Bank Financial raises Teck target
• Positive Sentiment: Coverage highlighting Teck’s Q2 earnings beat and record copper-driven results is supporting the stock, as higher copper output and prices boosted profit. Teck Resources up after earnings beat
• Positive Sentiment: Another report said Teck topped profit estimates on stronger copper production and prices, reinforcing the positive sentiment around the stock. Teck tops profit estimates
• Neutral Sentiment: Canaccord Genuity cut its price target to C$81 from C$84 and maintained a hold rating, which tempers some of the optimism despite the stronger operating results. Canaccord lowers Teck target

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%.