- Teck Resources (TCK +3.2%) is initiated with a Neutral rating and a $30 price target at Citigroup, which cites its expectation for a drop in prices for steelmaking coal as China eases its production policy and additional supply enters the market via the U.S. and Australia.
- Citi sees TCK realizing a significant and immediate cash windfall due to a recent surge in the price of met coal to a Q4 benchmark price of $200/metric ton, but the firm forecasts a drop in the average met coal price to $134/ton next year.