BUZZ-Teck Resources: Two-year high after Morgan Stanley upgrade

Thu Sep 15, 2016 12:27pm EDT
 
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** Canadian miner's U.S.-listed and Toronto shares at two-year highs following Morgan Stanley upgrade

** Both shares up 6 pct - $18.28 in U.S., C$24.13 in Toronto

** Morgan Stanley raises rating to "equal weight" from "underweight"

** Recent rally in met coal could generate significant cash flow in the coming quarters, which could help alleviate many of the balance sheet concerns prevalent earlier in the year, the analysts write

** Met coal up about 40 pct over the past 2 weeks and up about 80 pct over the last month

** Raises PT to $18 from $7; median PT is $21, up from $13 three months ago

** 14 of 21 brokerages rate the stock "hold", 3 "sell" or lower and rest "buy" or higher

** Up to Wednesday's close, U.S.-listed stock had more than quadrupled YTD