The Globe and Mail reports in its Thursday, July 10, edition that Stifel analyst Ralph Profiti commenced coverage on Teck Resources with a "hold" recommendation. The Globe's David Leeder writes that Mr. Profiti continues to target the shares at $60. Analysts on average target the shares at $64.90. Mr. Profiti says in a note: "We believe a long-term focus is necessary in positioning Teck shares as it navigates short-term copper growth projects at San Nicolas and Zafranal and longer-dated copper growth optionality at NewRange, Galore Creek, NuevaUnion and Schaft Creek that in our view, will be more challenged to execute positive risk-adjusted IRRs and reinforces the relative merits of our 'buy vs. build' thesis in the copper sector. We believe strongly that Teck's capital allocation framework strikes the proper balance between debt reduction, retaining significant cash for copper growth, ensuring maintenance of a strong balance sheet and providing cash returns to shareholders while reinforcing management's core competencies and should be the focus for long-term oriented investors. We see Teck as a viable consolidator in the copper sector based on its strong balance sheet and above-peer range market multiples."