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CIBC World Markets Maintained Sector Outperformer Rating, Price Target of $70 a Share on Teck

CIBC World Markets Inc. analyst Alec Kodatsky reportedly maintained a Sector Outperformer rating and price target of $70 a share on Teck Resources Ltd. (TCK-B.TO).

Although Teck reported its first-quarter coal sales will be lower than expected due to bad weather and other unusual problems, "recent share price weakness has already priced in considerable downside risks and created compelling upside reward," Kodatsky is cited as saying in the Globe. The company is maintaining its full-year production guidance, but is facing higher costs due to increased fuel and labour costs, he reportedly added.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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