June 4, 2019 / 12:56 PM / in a year

BUZZ-Teck Resources: TD Securities raises PT, coking coal price forecast

** TD Securities raises PT on the world’s second-biggest exporter of steelmaking coal to C$44 from C$42

** Brokerage raises PT to account for Teck’s additional $600 million share buyback program; raises its coal price forecast

** Raises H219 and 2020 coking coal price forecasts to reflect current price levels and supply tightness of high-quality hard coking coal

** Coking coal is a raw material necessary for iron and steel-making

** Revised forecasts for Q319 and Q419 are $190/tonne and $180/tonne respectively

** Says seaborne coking coal prices are being supported by higher demand for higher quality coals due to environmental restrictions in China and growing demand in India

** 19 of 21 brokerages rate the stock “buy” or higher, 2 “hold”; their median PT is C$41

** Up to Monday’s close, stock down 4.9% this year (Reporting By Arundhati Sarkar in Bengaluru)

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