CIBC downgraded Teck Resources (TECK) to Neutral from Outperformer with a price target of C$57, down from C$68. The company’s Q2 report included a guidance cut driven by a reduction at Quebrada Blanca, the analyst tells investors in a research note. The firm says Teck’s unit costs increased amid lower production at Quebrada. CIBC now sees insufficient upside to recommend the shares.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on TECK:
- Teck Resources price target lowered to C$57 from C$66 at Scotiabank
- Teck Resources (TECK) Greenlights $2.4 Billion Copper Mine Expansion
- Teck Resources price target lowered to C$60 from C$64 at TD Securities
- Teck Resources downgraded to Neutral from Outperformer at CIBC
- Teck Resources price target lowered to C$63 from C$71 at Raymond James