Deutsche Bank has decided to maintain its Buy rating of Teck Resources (NYSE:TECK) and lower its price target from $52.00 to $48.00.
Shares of Teck Resources are trading down 4.73% over the last 24 hours, at $31.65 per share.
A move to $48.00 would account for a 51.66% increase from the current share price.
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%. Along with a number of additional copper growth options, Teck's strategy is to rebalance its portfolio to low carbon metals such as copper.
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