On October 25, an analyst has provided a rating update for the Materials sector company, Teck Resources (TSX: TECK.B). Canaccord Genuity’s analyst Dalton Baretto reiterates their Buy rating on the shares, with a C$38.50 price target.
According to TipRanks.com, Baretto is a 3-star analyst with an average return of 1.0% and a 42.9% success rate. Baretto covers the Basic Materials sector, focusing on stocks such as Teck Resources Limited, Fortuna Silver Mines, and Hecla Mining Company.
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Teck Resources has an analyst consensus of Strong Buy, with a price target consensus of C$42, a 71.6% upside from current levels. In a report issued on October 11, TD Securities also reiterated a Buy rating on the stock with a C$46 price target.
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Based on Teck Resources’ latest earnings release for the quarter ending September 30, the company reported a quarterly revenue of C$3.21 billion and net profit of C$1.28 billion. In comparison, last year the company earned revenue of C$3.13 billion and had a net profit of C$600 million.
Teck Resources Ltd. is a diversified resource company, which engages in the mining and mineral development of copper, steelmaking coal, zinc, and energy properties. The firm also produces germanium and indium. It opertes through the following business segments: Steelmaking Coal, Copper, Zinc, Energy, and Corporate.
The company’s shares closed on Monday at C$24.48, close to its 52-week low of C$23.90.
