Teck Resources upgraded to Buy from Hold at Deutsche Bank

Deutsche Bank analyst Liam Fitzpatrick upgraded Teck Resources (TECK) to Buy from Hold with an unchanged price target of $42. The company has transformed into a copper pure play and investor sentiment “seems rock-bottom,” the analyst tells investors in a research note. The firm says Teck last week confirmed the sanctioning of major growth projects will be deferred, with the project delays “a clear positive.” It believes the company’s Quebrada Blanca action plan seeks to resolve the near-term issues at the tailings facilities and reinforce confidence in future targets.