-- Stifel Canada on Friday reiterated its hold rating on the shares of Teck Resources (TECK-B.TO) and its C$80.00 price target following the miner's first-quarter results.
"Teck reported strong Q1/26 adjusted FD EPS of $1.75 vs. our $1.02 estimate (consensus: $1.12) and adjusted EBITDA of $2,088Mln vs. our $1,577Mln forecast (consensus: $1,544Mln) driven by higher copper sales with sales exceeding production due to shipment of inventory carried over from Q4/25, higher throughput and grades at HVC, and higher grades at Antamina as expected in the mine plan. Q1/26 also benefited from better performance at Trail (gross profit $257Mln vs. our $153Mln) from elevated silver, gold and specialty metals pricing. With every US$1/Bbl change in WTI impacting EBITDA by $8Mln, we estimate a $280Mln or 5% EBITDA impact at US$100/Bbl in 2026. Teck does not currently see significant risk of fuel supply disruption, though there could be an amplified impact on costs on Chilean operations due to the requirement for diesel imports," analyst Raplh Profiti wrote.
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Price: $83.34, Change: $+0.03, Percent Change: +0.04%