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.
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