Teck Resources initiated with a Hold at Stifel

Stifel initiated coverage of Teck Resources (TECK) with a Hold rating and C$60 price target The firm, which has a “tactical” gold price target of $3,800/oz on a six to twelve month view, argues that gold equities can “go much higher” compared to the price of gold and S&P 500. On copper, which the firm says is “under-owned,” it advises increased exposure to take advantage of heightened supply stresses and estimates the incentive copper price is $5.00/lb.