Berenberg Starts Teck Resources (TCK) at Sell
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Berenberg initiated coverage on Teck Resources (NYSE: TCK) with a Sell rating and a price target of $10. Analysts Fawzi Hanano sees the stock as overvalued.
"Teck is a diversified miner with exposure to copper, zinc and steelmaking coal. Teck’s recent share price performance has been phenomenal, rising more than 300% ytd. We attribute Teck’s solid performance to several key drivers: 1) a strong change in sentiment following increased Chinese stimulus; 2) a rebounding zinc price at +42% ytd making it the bestperforming base metal; and 3) an equally impressive 35% rise in the coking coal price ytd. The latter is unique to Teck within our coverage with about one-third of the company’s earnings derived from its coal division. We believe that many of these drivers are set to reverse in the near term, potentially weighing heavily on Teck’s share price," said the analyst.
Shares of Teck Resources closed at $16.50 yesterday.
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