TSX:TECK.A - Post by User
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Nadia6519on Apr 28, 2022 7:31am
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Post# 34638040
From Banque Nationale
From Banque NationaleTECK RESOURCES LIMITED: Elevated Coal Prices and Cost Management Reaffirm Teck as Our Top Pick Full TECK.B/TECK (TSX; NYSE) C$50.43;US$39.06
Target: C$65.00 (Unchanged) Stock Rating: Outperform (Unchanged)
Est. Total Return: 30.9% Shane Nagle, CFA - (416) 869-7936 Associate Lola Aganga, M.Eng. - (416) 869-6516 Associate Ahmed Al-Saidi - (416) 869-7535 Event: Incorporating Q1/22 financial results.
Key Takeaways: We incorporated Q1/22 results and continue to expect a re-rating to more normalized multiples given elevated coking coal prices and step-wise improvement in both Teck's coking coal and copper operations in 2022. Our Outperform rating is supported by current coking coal prices, a strong balance sheet, cost reduction initiatives offsetting inflationary pressures, organic growth within the copper division and commitment to returning capital to shareholders.