Fly News Breaks for March 27, 2018
HBM, TECK
Mar 27, 2018 | 12:12 EDT
As previously announced, Macquarie analyst Matt Murphy raised his rating on Teck Resources (TECK) to Outperform from Neutral. In a research note to investors, Murphy said the February 19 downgrade to Neutral was due to "insufficient" upside for an Outperform rating, noting that shares are off 11% since then and that met coal has retreated slightly from recent highs but is still at high levels and is likely to fall as demand for Chinese met coal falls, additional Chinese supply comes on and U.S. exports continue to rise. Teck is "unlikely" to revisit the bottom end of the range it traded in when copper was last at $3/lb. This morning, Murphy also upgraded Hudbay Minerals (HBM) to Outperform from Neutral.
News For TECK;HBM From the Last 2 Days