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Fly News Breaks for November 13, 2019
TECK
Nov 13, 2019 | 06:17 EDT
BofA/Merrill analyst Timna Tanners double-downgraded Teck Resources to Underperform from Buy with a $16 price target. The analyst cites a worse outlook for met coal as new supply and slower global growth are set to weigh on steel demand in 2020. At current spot levels, Tanners contends that the company is facing a "considerable profit downside" at CAD3.15B vs. CAD4.2B currently.
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