BMO Capital analyst Matthew Murphy reinstated coverage of Teck Resources (TECK) with an Outperform rating and C$56 price target The firm expects the company to deliver weak production in Q1 but also believes that the ramp-up progress will resume in Q2, the analyst tells investors in a research note. Concerns around the economy have driven Teck down 40% from its 52-week high, but BMO expects Teck’s share price to be supported by the ongoing buyback and capital-efficient growth pipeline with several projects likely to go ahead later this year, the firm added.
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Read More on TECK:
- Teck Resources price target lowered to C$55 from C$67 at UBS
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- Teck Resources price target lowered to $42 from $52.50 at Morgan Stanley
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