UBS analyst Myles Allsop upgraded Teck Resources to Buy from Neutral with a price target of C$78, up from C$76. The stock’s risk/reward has improved following the commodity price consolidation, the analyst tells investors in a research note. The firm expects Teck shares to benefit from higher copper prices and to re-rate as the company announces the next phase of its growth, new cost savings and full QB2 ramp.
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