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Teck Resources gets analyst stock price hike from met coal rally

  • Higher metallurgical coal prices prompt CIBC World Markets to raise its stock price target for Teck Resources (TCK +2.7%) to C$44 from C$33 while maintaining a Sector Outperform rating, and lift its 2017 cash flow per share forecast for TCK to $8.76 from $5.44.
  • TCK last week updated its Q4 realized price expectations for all steelmaking coal productsl, raising its outlook to US$200-$205/metric ton from earlier guidance of ~US$185/ton.
  • CIBC believe the revision is consistent with the application of historical quality-related price spreads, and that it looks appropriate given TCK’s sale mix of 60% contract and 40% market-related prices.

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