Teck Resources weakness overdone, says RBC Capital After Teck reported higher than expected Q4 EPS but said its 2013 production would be below its year-end capacity, RBC Capital thinks the company is well-positioned to exploit any rebound in coal demand. The firm maintains a $40 price target and Outperform rating.
On The Fly: Analyst Upgrade Summary Today's noteworthy upgrades include: Google (GOOG) upgraded to Buy from Hold at Pivotal Research... Twitter (TWTR) upgraded to Buy from Hold at Pivotal Research... Aaron's (AAN) upgraded to Buy from Hold at KeyBanc... Calpine (CPN) upgraded to Buy from Hold at Deutsche Bank... Check Point (CHKP) upgraded to Buy from Hold at Deutsche Bank... Columbia Sportswear (COLM) upgraded to Buy from Neutral at Goldman... Dakota Plains Holdings (DAKP) upgraded to Buy from Hold at Canaccord... SunCoke Energy (SXC) upgraded to Outperform from Neutral at Credit Suisse... Taylor Morrison (TMHC) upgraded to Buy from Hold at Evercore ISI... Teck Resources (TCK) upgraded to Buy from Neutral at UBS... VeriFone (PAY) upgraded to Overweight from Equal Weight at Barclays... Motorola Solutions (MSI) upgraded to Buy from Hold at Argus... Approach Resources (AREX) upgraded to Neutral from Reduce at Global Hunter... HealthSouth (HLS) upgraded to Outperform from Market Perform at Raymond James... QLogic (QLGC) upgraded to Overweight from Equal Weight at Morgan Stanley... Baker Hughes (BHI) upgraded to Focus List from Outperform at Howard Weil... Kansas City Southern (KSU) upgraded to Overweight from Equal Weight at Stephens... BlackBerry (BBRY) upgraded to Buy from Hold at BGC Financial.
Teck announces first shipment of concentrate from Pend Oreille operations Teck Resources Limited announced the first shipment of zinc and lead in concentrate from its restarted Pend Oreille Operations in northeastern Washington State to its nearby Trail Operations in British Columbia for processing. Pend Oreille, operated by Teck Washington Incorporated, has an expected annual production rate of 44,000 tonnes of zinc in concentrate per year. The re-opening of the mine will bring an estimated $20M of local investment during the start-up phase and supports approximately 230 jobs in Pend Oreille County. Pend Oreille was previously operated by Teck between 2004 and 2009, when it was placed on care and maintenance due to unfavourable market conditions. Regulatory and environmental permits are in place and the mine facilities have been maintained since 2009 to support the restart.