BofA lowered the firm’s price target on Teck Resources to C$62 from C$65 and keeps a Buy rating on the shares after the company announced on February 21 that it will separate into a growth-oriented transition metals company and a pure-play, high margin steelmaking coal producer in a deal that will take effect in June. While the firm reduced its price target as it removes the Elk Valley Resources coal spin-out that it values at C$2.50 per Teck share from its valuation, BofA continues to like the stock for what it calls Teck’s "transformational copper volume growth with substantial organic upside potential."
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