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Teck Resources Up Nearly 2% as Credit Suisse Lowers Target Price, But Maintains Outperform

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Teck Resources (TCK-B.TO) is up nearly 2% as Credit Suisse lowered its target price to $52 from $54 but kept an Outperform rating after yesterday's quarterly result.

"Following TCK's conference call, we are maintaining our Outperform rating, but lowering our 12-month TP to $52. We've trimmed our expectations for HCC realizations in 2H10 owing to increased blends of lower-quality coals in the sales mix and a 10% reduction in volume versus our previous expectations. We still view TCK as a strong free cash flow story and continue to believe shares will trade at a premium to the peer group of Canadian miners given its relative size and liquidity, strong leverage and organic growth prospects in coking coal and copper, and undervalued energy business," Credit Suisse said.

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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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