39 days ago • Posted by Jasper Lawler
Greenlight Capital’s David Einhorn recommends Teck Resources to play the copper bull market
Greenlight Capital’s David Einhorn said he recommend shares of Canadian miner Teck Resources Ltd. amid strong demand for copper and other commodities.
Einhorn, 52, ticked off several catalysts for higher copper prices, including Bitcoin mining and a “gold rush” in electric vehicles, which contain four-times more copper than conventional cars.
Teck Resources, which Einhorn described as “overlooked,” has underperformed mining peer Freeport-McMoran Inc. over the past year. Teck trades at two-third of Freeport’s price-to-earnings multiple “and has much better growth prospects,” he said, noting that the Vancouver-based company is in the middle of an expansion project in Chile.