Benchmark Co. analyst Nathan Martin has maintained their bullish stance on TECK stock, giving a Buy rating on April 25.
Nathan Martin has given his Buy rating due to a combination of factors including Teck Resources’ strong performance in the zinc segment, which led to a 1Q adjusted EBITDA of C$927M, surpassing both the consensus and his own estimates. Despite some operational challenges at the QB site, such as weather disruptions and maintenance delays, the company maintains a positive outlook for future production targets and cost guidance.
Additionally, Teck Resources is advancing its copper growth projects, with potential developments at the Highland Valley and Zafranal sites expected by the end of the year. The company’s focus on organic growth and shareholder returns, alongside its robust financial position, supports the Buy rating and the $55 target price. Furthermore, initiatives to enhance profitability and cash flow in the zinc operations are expected to yield positive results, reinforcing the optimistic outlook for the company’s performance.
According to TipRanks, Martin is a 5-star analyst with an average return of 16.7% and a 53.51% success rate. Martin covers the Basic Materials sector, focusing on stocks such as Teck Resources, Suncoke Energy, and Alpha Metallurgical Resources.
In another report released on April 25, Canaccord Genuity also maintained a Buy rating on the stock with a C$69.00 price target.