Why Teck Resources Stock Jumped as Much as 10% Today
Shares of Canadian miner Teck Resources (NYSE: TECK) rose by around 10% in morning trading on Wednesday. By 2:30 p.m. EDT today, the stock was still higher by roughly 9%, so the gains have largely stuck. There were two bits of news here.
Goldman Sachs increased its price target for Teck, taking it from 25 Canadian dollars per share ($19.90) to CAD$28. That's about a 12% increase, but the stock's rating was maintained at neutral. Investors often look kindly on price target increases, so this was likely a support to the price action today, but perhaps still not enough to precipitate a 10% rally given the neutral call. Notably, the shares opened on the Toronto exchange at around CAD$25, so the price update might just be an effort to catch up with the market.
Image source: Getty Images.
Source Fool.com