Canaccord yesterday afternoon downgraded Teck Resources (TECK) to Hold from Buy with a price target of C$63, up from C$62. The firm sees downside risk in the shares following the QB2 production cut. Teck share upside is capped to the current 1.3301 ratio to each Anglo American (NGLOY) share proposed as part of the merger, the analyst tells investors in a research note. Canaccord does not think an increased bid from Anglo is likely, particularly in the context of yesterday’s operating update.
Claim 55% Off TipRanks
- Unlock hedge fund-level data and powerful investing tools for smarter, sharper decisions
- Discover top-performing stock ideas and upgrade to a portfolio of market leaders with Smart Investor Picks
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 raised to $43 from $41 at JPMorgan
- Teck Resources Updates Operational Outlook Following Comprehensive Review
- Teck Resources downgraded to Hold from Buy at Canaccord
- Teck Resources price target raised to C$60 from C$55 at Citi
- Teck Resources provides update on Quebrada Blanca action plan