BMO Capital Markets Reiterates Outperform, $45 on Teck Resources

BMO Capital Markets reiterates its Outperform rating and $45 price target on Teck Resources

following an in-line quarter and unchanged outlook. BMO Capital Markets comments, "Teck reported adjusted Q1/12 EPS of C$0.86, in line with consensus of C$0.88 and slightly above BMO Research's C$0.78. …Relative to BMO Research estimates, the beat was largely on betterthan-expected coal margins offsetting lower sales volumes. The feasibility study for the Quebrada Blanca Phase II hypogene project was completed during Q1/12. Total capital costs are estimated at US$5.6B, of which a US$4.8B share would be funded by Teck, in line with the low end of expectations of C$5." TCK closed at $35.85 on Monday.