UPDATE: IBERIA Capital Partners Downgrades Teck Resources as Coal Cost Pressures Linger

In a report published Tuesday, IBERIA Capital Partners analyst David E. Beard downgraded the rating on Teck Resources TCK from Outperform to Sector Perform, and removed the $35.00 price target. In the report, IBERIA Capital Partners noted, “TCK's stock might be worth 11x EPS plus hidden assets. This equates to ~$25/share in 2014 and $29/share by 2015. With few catalysts over the next several months, we are lowering our rating to Sector Perform. We believe TCK's sustainable ~3.7% yield and $30/sh tangible book value limits downside in the stock. Investors are getting ‘paid to wait,' as TCK operates well, maintains a strong balance sheet and waits for the cycle to turn.” Teck Resources closed on Friday at $23.88.