Teck Resources Keeps Outperform Rating, $86 Price Target at National Bank of Canada

MT Newswires07-24

Teck Resources (TECK.B.TO) kept its Outperform rating and $86 price target after the company reported its financial results for the second quarter, National Bank of Canada said in a Wednesday note. ...

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The bank noted Q2 results beat consensus and NBF operating assumptions \"remain in line\" with lower QB2 guidance.National said: \"Q2 financials were slightly ahead of consensus, and as anticipated QB2 guidance was lowered modestly given the somewhat slower ramp-up to date. Encouragingly, capital costs were not revised and the company continues to anticipate nameplate production rates by year-end . Teck also provided an update on the allocation of funds from the sale of the steelmaking coal business. The recently proposed BHP offer for Anglo American highlights the appetite for major mining companies to add copper to their portfolios and following sale of the coal business, we believe Teck's portfolio of copper assets, with fully funded near-term growth in politically stable jurisdictions remains an attra","collect":0,"end_time":0,"defaultTopTitle":"yahoo.com","property":["rate","earning"],"viewcount":null,"language":"en","relate_stocks":{"TECK":"泰克资源有限公司"},"translate_title":"Teck Resources维持跑赢大盘评级，加拿大国家银行目标价86美元","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"TECK":0.9},"content_text":"Teck Resources (TECK.B.TO) kept its Outperform rating and $86 price target after the company reported its financial results for the second quarter, National Bank of Canada said in a Wednesday note. The bank noted Q2 results beat consensus and NBF operating assumptions \"remain in line\" with lower QB2 guidance.\n\n National said: \"Q2 financials were slightly ahead of consensus, and as anticipated QB2 guidance was lowered modestly given the somewhat slower ramp-up to date. Encouragingly, capital costs were not revised and the company continues to anticipate nameplate production rates by year-end (in line with NBF Estimates). Teck also provided an update on the allocation of funds from the sale of the steelmaking coal business. The recently proposed BHP offer for Anglo American highlights the appetite for major mining companies to add copper to their portfolios and following sale of the coal business, we believe Teck's portfolio of copper assets, with fully funded near-term growth in politically stable jurisdictions remains an attractive target.\"\n\n Among results in the Q2, Teck reported an adjusted net income of $413 million or $0.80 per share, higher than the National Bank estimate of $0.65 per share and the consensus forecast of $0.72 per share.\n\n Adjusted EBITDA of $1.67 billion was above the bank's estimate of $1.63 billion and slightly below the consensus prediction of $1.68 billion.\n\n \"Our Outperform rating is based on Teck's strong financial position and robust copper growth pipeline. Divestiture of the remaining steelmaking coal business has provided significant cash to bolster the balance sheet ahead of delivering the next leg of copper growth as well as returning a significant amount of cash to shareholders, supportive of a re-rating,\" the bank said.\n\n \"With heightened M&A activity highlighting the appetite for major mining companies to add copper to their portfolios, we continue to believe Teck's portfolio of copper assets, with fully funded near-term growth in politically stable jurisdictions remains an attractive target,\" National Bank added.\n\n Teck's Class A and Class B shares were both down 1% at last look on the TSX.","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.26.3","shortVersion":"4.26.3","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2453888447"}