TD Securities Upgrades Teck Resources (TCK) to Buy

TD Securities upgraded Teck Resources (NYSE: TCK) from Hold to Buy with a price target of C$12.50. Analyst Gren Barnes thinks shares have bottomed.

"We believe that Teck remains well-funded to meet its commitments over the next several years, including Ft. Hills capex and debt maturities. Our target multiples are 7.0x 2017 EBITDA and 1.0x NAV reflecting the company's continued relative balance sheet strength, its ability to further shore up its liquidity position via asset sales, and the potential bottoming of the coking coal price. We recognize that our upgrade may be early given continued expected volatility in commodity," said Barnes.

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 $7.61 yesterday.

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