Berenberg Upgrades Teck Resources (TCK) to Hold
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Berenberg upgraded Teck Resources (NYSE: TCK) from Sell to Hold with a C$34.50 price target.
Analyst Fawzi Hanano commented, "We admit that we missed the boat on the stock’s primarily coal-price-induced rally. We believe that current strong prices, even if short-lived, will leave the company in a much stronger financial position, with net debt to decline substantially in the coming year. We raise our price targets to CAD34.50 and USD25.50, reflecting our raised estimates, and as a result and we upgrade our rating to Hold."
Shares of Teck Resources closed at $25.20 yesterday.
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