JPMorgan downgraded Teck Resources (TECK) to Neutral from Overweight with a price target of $41, down from $46, following the Q2 report. The firm attributes the miss to weaker than expected copper sales driven by QB2’s ramp and downtime at Antamina, It believes QB2’s overhang will remain priced into the stock for the foreseeable future. The analyst cites the Q2 EBITDA miss and persisting QB2 challenges for the downgrade.
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