Morgan Stanley analyst Carlos De Alba raised the firm’s price target on Teck Resources to $53 from $51 and keeps an Overweight rating on the shares. While Morgan Stanley noted that mining equities may continue their recent move higher on sentiment around China stimulus “for a bit longer,” the firm does not believe the rally is sustainable, citing “weak global growth despite China’s services-led recovery, a stronger USD, and fair valuation” as factors limiting mining share performance.
Published first on TheFly
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