TSX:TECK.A - Post by User
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chuckalauon Mar 23, 2016 8:05am
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RE:Very lucky on TCK.B
RE:Very lucky on TCK.B
Globe says Bures hikes Teck target to $7 (Canadian)
2016-03-23 06:33 ET - In the News
The Globe and Mail reports in its Wednesday, March 23, edition that Canaccord Genuity analyst Peter Bures raised his copper-price assumptions to reflect a new forward curve based on recent market action, raising his 2016 projection to $2.25 (U.S.) a pound from $2.08 (U.S.). The Globe's David Leeder writes in the Eye On Equities column that Mr. Bures's 2017 and 2018 projections moved to $2.29 (U.S.) and $2.40 (U.S.) from $2.07 (U.S.) and $2.32 (U.S.). He continues to rate Teck Resources ($11.14 (Canadian)) "sell." Mr. Bures raised his target price to $7 (Canadian) from $2 (Canadian). Analysts on average target the shares at $8.70 (Canadian). Mr. Bures says: "Our long-term incentive copper price remains unchanged at $2.75 (U.S.)/lb (and remains predicated on a 12-per-cent to 15-per-cent internal rate of return hurdle). Our supply/demand forecasts for copper are largely unchanged. We are expecting further modest copper surpluses in 2016 and 2017 (200 plus kilotonnes) followed by large deficits (200 plus Kt) starting in 2018 and beyond." The Globe's guest columnist Ryan Gottschalk was bullish on Teck in the Number Cruncher column on Dec. 30, 2015. The Class B shares were then worth $5.30 (Canadian).
WTHexkffff