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Teck Resources upgraded to Overweight at Barclays

Published 11/17/2016, 12:45 PM
Teck Resources upgraded to Overweight at Barclays
BARC
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TECK
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  • Teck Resources (TCK +0.3%) hits a 52-week high as Barclays (LON:BARC) upgrades shares to Overweight from Underweight, as the backdrop for commodities and commodities-related stocks quickly changes.
  • Barclays notes TCK had an enormous run this year even before met coal started to move as fears faded that base metal and bulk commodity producers would disappear under the pressure of low commodity prices.
  • The firm thinks there's still meaningful upside for TCK based on potentially "transformative" near-term cash flow generation, with potential for much more as investors respond to changes in the macro environment that could help make mining stocks more attractive than at any time in for years.


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