12:25 PM EDT, 04/26/2024 (MT Newswires) -- CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:

We increase our 12-month target by USD10 to USD61, assuming an EV/EBITDA of 7.0x our 2024 EBITDA estimate, in line with copper mining peers. We decrease our 2024 EPS estimate by CAD2.24 to CAD3.69 and 2025's by CAD2.46 to CAD4.06, accounting for the coal divestiture. TECK posted Q1 adj. EPS of CAD0.75 vs. CAD1.78, CAD0.19 below consensus, with a top-line miss of 6.5%. Copper production increased 74% Y/Y to 99,000 metric tons in Q1, with 43,300 coming from Quebrada Blanca (QB). We forecast a significant increase in the copper price for the remainder of 2024. The average copper price in Q1 was USD3.83 per pound vs. the copper spot price at around USD4.50 per pound in recent days. Given supply constraints, resilient demand for legacy copper markets, and incremental demand from electric vehicles and decarbonization goals globally, we think copper is poised to surge to all-time highs later in 2024 and continue its bull run in 2025. TECK offers investors top-tier copper production growth, as QB continues to ramp up.