Teck Resources Upgraded to Buy
Teck Resources (NYSE: TCK) was upgraded to buy from hold by analyst Orest Wowkodaw of Canaccord Adams, primarily based on short-term increases in coking coal prices, and the assumption copper prices will continue to rise.
The share price target was moved from $43 to $50 also for the same reasons.
Most of this was based on reports Japanese steelmakers agreed to pay a price increase of 55 percent for coking coal from April to June.
Operational concerns were outweighed by the positive outlook on price increases for Teck Resources.
Teck Resources Upgraded to Buy
No comments:
Post a Comment