TSX:TECK.A - Post by User
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Oldnicknoron Jun 19, 2015 5:54am
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Post# 23847512
National Bank: Lowers TP on TCK.B C$12.50
National Bank: Lowers TP on TCK.B C$12.50 DJ Teck Resources Can't Avoid Coking Coal Price Drop -- Market Talk
16:29 EDT - Coking coal prices for 3Q have reportedly settled at $93 a ton, National Bank Financial says, which is down from the 2Q and below firm's previous 3Q estimate of $105/ton. That's not a surprise, but it isn't good news for the shares of steelmaking coal miner Teck Resources (TCK, TCK.B.T), which has already announced temporary shutdowns at its 6 Canadian operations during the 3Q. The price outlook led National Bank to trim its target on TCK to C$12.50 from C$14, and it warned that could be too optimistic if contract prices keep settling at lower levels. TCK ended at C$13.67 in Toronto Wednesday. (carolyn.m.king@wsj.com; @CarolynKing1) (END) Dow Jones Newswires June 17, 2015 16:29 ET (20:29 GMT) Copyright (c) 2015 Dow Jones & Company, Inc. 061715 20:29 -- GMT
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