TD Securities Downgrades Teck Resources (TCK) to Hold on Lower Coking Coal Prices

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TD Securities downgraded Teck Resources (NYSE: TCK) from Buy to Hold with a price target of $38.00 (from $40.00).

"We have taken the Q1/13 benchmark settlement as a cue to reset our average
2013 benchmark coking coal price forecast to US$185/t from US$200/t," the firm notes. As a results, 2013 EPS goes down from $2.80 to $2.52 and EBITDA drops to $3.77B from $4.015 billion.

For an analyst ratings summary and ratings history on Teck Resources click here. For more ratings news on Teck Resources click here.

Shares of Teck Resources closed at $35.24 yesterday, with a 52 week range of $26.12-$43.99.

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