Brokerages cut PT on Teck Resources after dour production forecast
** Several brokerages cut PT on Teck Resources TECKb.TO
** J.P.Morgan trims to C$76 from C$78; says next few quarters will likely be lumpy with 1Q25 production expected to face weaker grades or additional downtime to optimize equipment before conditions start improving later in year
** Canaccord cuts to C$78 from C$80; says outlook change was disappointing, but adds TECK poised to double its copper production and hit cash flow inflection point in 2025
** Notes co's ~C$12 bln in liquidity is "substantial war chest to grow its copper business, even after deploying the committed C$3.5 billion in shareholder returns over the next 18 months"
** CIBC cuts PT by $2 to C$78, Scotiabank trims to C$74 from C$79 and Deutsche Bank cuts U.S.-listed stock TECK.N to $50 from $54
** Of 22 brokerages covering stock, 18 rate it 'buy' or higher, three 'hold' and one 'sell' or lower; their median PT is C$76 - LSEG
** As of last close, stock up ~16% YTD
($1 = 1.3846 Canadian dollars)
Reporting by Vallari Srivastava in Bengaluru
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