Teck Resources price target raised to C$80 from C$70 at Jefferies

Jefferies analyst Christopher LaFemina raised the firm’s price target on Teck Resources (TECK) to C$80 from C$70 and keeps a Buy rating on the shares. Teck’s shares have significantly outperformed following news of the Glencore (GLNCY) bid and "speculation of other major miners potentially being interested in acquiring Teck post-spin," says the analyst, who expects the shares to be volatile in response to updates regarding this M&A dynamic, but also sees "good fundamental value in Teck across all structures." All eyes are on the shareholder votes scheduled for April 26 to decide on plans to spin-off its met coal business, "Elk Valley Resources," says the firm, which adds that "the next week should be a wild one for Teck."