The Globe and Mail reports in its Wednesday, Nov. 29, edition that RBC analyst Sam Crittenden has reaffirmed his "outperform" recommendation and $70 share target for Teck Resources. The Globe's David Leeder writes that analysts on average target the shares at $64.93. Mr. Crittenden thinks Teck Resources' decision to sell its coal business to Swiss commodities trading giant Glencore and two Asian steelmakers in a $8.9-billion (U.S.) transaction "sets up the company to focus on copper growth with a strong balance sheet and enviable suite of development options." Mr. Crittenden says Teck could use a portion of the proceeds from the deal to pay down its debt, but he warns options are limited due to the long-dated maturities of its notes outstanding. Mr. Crittenden says in a note: "The closing of the transaction, and subsequent cash return to investors, together with a successful ramp up at QB2 can lead to a rerating of the shares. ... We estimate Teck is currently trading at 4.1 times EV/EBITDA including coal for 2024, while on a base metals only basis it would be trading at 4.9 times and one times NAVPS. Large cap copper peers are currently trading between six and eight times 2024 estimated EBITDA."