Wolfe Research Upgrades Teck Resources Ltd (TECK) to Outperform

Wolfe Research analyst Timna Tanners upgraded Teck Resources Ltd (NYSE: TECK) from Peerperform to Outperform.

The analyst comments "We upgrade TECK to Outperform from Peer Perform as investors shift past disappointing QB2 cost overruns, to factor in shrinking capex, coal spin/sale benefits, and QB2 ramp-up positives. This week's visit to Chile confirmed the bulk of its concentrator, crusher, tailings dam, mine and port investments at the ~300Kt/yr QB2 copper mine were largely behind, with just shiploader and molybdenum plant investments left in 2024E."

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

Shares of Teck Resources Ltd closed at $34.45 yesterday.

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