Trump announces trade deal with EU following months of negotiations
Investing.com - Jefferies lowered its price target on Teck Resources Ltd (NYSE:TECK) to C$60.00 from C$65.00 on Thursday, while maintaining a Buy rating on the stock.
The price target reduction follows Teck’s second-quarter EBITDA of C$722 million, which missed Jefferies’ forecast of C$759 million and the company-compiled consensus of C$734 million, partly due to lower-than-expected copper sales volumes.
Teck Resources has reduced its QB production guidance for 2025 from the "low end" of the 230-270kt range to a new range of 210-230kt, representing another downward revision for the copper project.
The mining company also increased its cost guidance for the QB project from $1.80-2.15/lb to $2.25-2.45/lb, reflecting higher anticipated production costs.
Capital expenditure guidance for the QB project has also been raised, contributing to the downward pressure on Teck’s share price, according to Jefferies.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.