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.
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