Teck Resources Ltd. (TSE:TCK.B), Canada’s largest diversified mining company by market value, inched up in morning trades after Desjardins Capital Markets started coverage of the stock at "buy" with a stock-price target of C$28.50.
Shares rose 0.8 percent to C$25.77 at 3:22 p.m. in Toronto, trimming this year's loss to 6.8 percent.
Desjardins called the metals and mining company a natural proxy for its sector and for the general macroeconomic outlook.
Teck, which is a significant global producer of copper, zinc and metallurgical coal, remains an Americas-based miner, Desjardins said. "Teck’s key properties are all located in North and South America, although Teck is involved in mineral exploration worldwide," it said in a research note.
Teck is a natural bellwether of the overall metals & mining outlook, the brokerage said.
"An investment in Teck enables investors to participate in the trends of continued growth in the consumption of base metals due to overall global economic growth and increasing urbanization in developing countries," analyst Jackie Przybylowski said in the note.
"Growth should continue through Teck’s strong pipeline of organic growth projects," Przybylowski noted. "We are supportive of Teck’s move into the energy sector, as we believe that base metals assets of meaningful size at an advanced development stage and in politically low-risk jurisdictions are scarce and likely to be expensive."
Opportunities in energy will not diminish Teck’s mining portfolio, Przybylowski affirmed.
Reported by Proactive Investors 5 hours ago.
Shares rose 0.8 percent to C$25.77 at 3:22 p.m. in Toronto, trimming this year's loss to 6.8 percent.
Desjardins called the metals and mining company a natural proxy for its sector and for the general macroeconomic outlook.
Teck, which is a significant global producer of copper, zinc and metallurgical coal, remains an Americas-based miner, Desjardins said. "Teck’s key properties are all located in North and South America, although Teck is involved in mineral exploration worldwide," it said in a research note.
Teck is a natural bellwether of the overall metals & mining outlook, the brokerage said.
"An investment in Teck enables investors to participate in the trends of continued growth in the consumption of base metals due to overall global economic growth and increasing urbanization in developing countries," analyst Jackie Przybylowski said in the note.
"Growth should continue through Teck’s strong pipeline of organic growth projects," Przybylowski noted. "We are supportive of Teck’s move into the energy sector, as we believe that base metals assets of meaningful size at an advanced development stage and in politically low-risk jurisdictions are scarce and likely to be expensive."
Opportunities in energy will not diminish Teck’s mining portfolio, Przybylowski affirmed.
Reported by Proactive Investors 5 hours ago.