Teck Resources (TSX: TECK.B), the Materials sector company, has received a rating update from a Wall Street analyst on October 10. Analyst Dalton Baretto from Canaccord Genuity reiterated a Buy rating, with a C$40.50 price target on October 10.
According to TipRanks.com, Baretto is a 4-star analyst with an average return of 5.3% and a 43.9% 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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The word on The Street in general, suggests a Strong Buy analyst consensus rating for Teck Resources with a C$42.79 average price target, which is a 40.7% upside from current levels. In a report issued on October 5, Raymond James also maintained a Buy rating on the stock with a C$44 price target.
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Based on Teck Resources’ latest earnings release for the quarter ending June 30, the company reported a quarterly revenue of C$3.02 billion and net profit of C$634 million. 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 Friday at C$30.42.
