The Globe and Mail reports in its Thursday, Dec. 18, edition that UBS analyst Brian MacArthur upgraded Teck Resources ($14.41) to "buy" from "neutral," pointing out that the company's non-oil assets will significantly benefit from lower oil prices and a weaker Canadian dollar. The Globe's Luke Kawa, Darcy Keith, Tim Shufelt and Jody White write in the Eye On Equities column that while low oil prices are a negative for Teck's Fort Hills oil sands project in Alberta, its other business lines -- in metals and coal -- should enjoy lower costs. Mr. MacArthur sees scant potential for Teck being forced to cut its dividend. He says: "Teck pays a dividend of $520-million per year and currently yields 7 per cent. Assuming no capex overruns, to fund the dividend, cover capex, and pay debt we estimate Teck needs to generate $7.3-billion between 2015 and 2017. ... We estimate Teck can generate about $6-billion in operating cash flow between 2015 and 2017 indicating that, while it would have to draw on the revolving credit facility, it could maintain the dividend (if it chooses to) given cash of $1.7-billion and undrawn credit of $3-billion as of Sept. 30." Mr. MacArthur continues to target the shares at $20.