0731 ET - Teck Resources' new lowered three-year guidance is now achievable, RBC's Sam Crittenden says in a research note. The analyst says the biggest downgrade was the expanded coal guidance range of 24Mt-26Mt. Previously the three-year target was 26Mt-27Mt at the start of 2022 and later trimmed to 25Mt-26Mt in 3Q. He says that copper production estimates also took a hit and costs are expected to be higher. "Our net asset value per share is down 4% following Teck's updated 3-year guidance; however, we believe this creates achievable targets for 2023 and beyond," Crittenden says. Shares are up more than 12% in 2023 at C$57.56, and up nearly 40% in the last 12 months. (adriano.marchese@wsj.com)
(END) Dow Jones Newswires
February 01, 2023 07:31 ET (12:31 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.