In a latest note to investors, a research analyst has provided a rating update for the Materials sector company, Teck Resources (TECK.B). The company received a Buy today from Canaccord Genuity’s analyst Dalton Baretto, with a C$40 price target.
According to TipRanks.com, Baretto is a 4-star analyst with an average return of 3.4% and a 48.2% success rate. Baretto covers the Basic Materials sector, focusing on stocks such as Teck Resources Limited, Fortuna Silver Mines, and Hecla Mining Company.
Currently, the analyst consensus on Teck Resources is a Strong Buy with an average price target of C$44.86, which is a 57.5% upside from current levels. In a report issued on February 4, Raymond James also maintained 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$3.21 billion and had a net profit of C$760 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 Wednesday at C$28.49.
