BMO Capital Reaffirms Their Buy Rating on Teck Resources

By Ryan Adsit

In a new note to investors yesterday, an analyst has provided a rating update for the Materials sector company, Teck Resources (TSX: TECK.B). Analyst David Gagliano from BMO Capital rated Teck Resources (TSX: TECK.B) a Buy, setting a C$38 price target.

According to TipRanks.com, Gagliano is a 4-star analyst with an average return of 4.2% and a 51.5% success rate. Gagliano covers the Basic Materials sector, focusing on stocks such as Wheaton Precious Metals Corp, Newmont Mining Corporation, and Stillwater Mining Company.

Currently, the analyst consensus on Teck Resources is Strong Buy and the average price target is C$36.14, representing a 60.8% upside.

In a report issued on June 16, Scotiabank also maintained a Buy rating on the stock with a C$38 price target.

The company has a one year high of C$35.67 and a one year low of C$15.65. Currently, Teck Resources has an average volume of 2.24M.

Teck Resources Ltd. is a diversified resource company, which is engaged in mining and mineral development with business units focused on copper, steelmaking coal, zinc and energy. The company produces specialty metals, which includes germanium and indium.

The company’s shares closed on Wednesday at $22.48.