Friday's analyst upgrades and downgrades

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Inside the Market's roundup of some of today's key analyst actions. This file will be updated during the trading day.

Desjardins Securities analyst Jackie Przybylowski has initiated coverage on Teck Resources Ltd. by predicting a 15 per cent return for investors over the next year, as the company benefits from a strong lineup of growth projects among its diversified commodities portfolio.

Ms. Przybylowski assigned a "buy" rating to shares in the producer of copper, zinc and metallurgical coal, and a $28.50 (Canadian) price target.

"Growth should continue through Teck's strong pipeline of organic growth projects. In particular, Teck's energy, copper and coal projects include world-class assets on which the company's next generation of production will be based. We are supportive of Teck's move into the energy sector, as we believe that base metals assets of meaningful size at an advanced development stage and in politically low-risk jurisdictions are scarce and likely to be expensive," she said in a research note.

"Opportunities in energy will not diminish Teck's mining portfolio. Although the Fort Hills project will become a significant contributor to the company's earnings in the longer term, Teck will continue to mirror the macroeconomic outlook in general and the view of the metals and mining sector in particular. Additionally, organic growth opportunities in coal (Quintette) and copper (Quebrada Blanca Phase 2 and Relincho) will maintain Teck's position as a leader in the Canadian metals and mining sector," she said.

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Several analysts have increased their price targets on Calfrac Well Services Ltd. after the company this week announced a step-up in its capital spending plans.

The analysts continue to see more upside in shares of the international pumping company that specializes in well fracturing - even after Thursday's 5 per cent rally to eight-year highs in reaction to the increase to its 2014 capex program to $360-million from $210-million.

"Despite this appreciation, we continue to recommend buying CFW shares based on what we expect will be the market's increasing confidence in sustainably growing Canadian demand and currently tightening demand in the US," Raymond James analyst Andrew Bradford said as he raised his price target to $25 (Canadian) from $24.

Calfrac said the increased spending is due to significantly improved customer demand in the United States, Canada and Argentina.

CIBC World Markets raised its price target to $25 (Canadian) from $22.50 and maintained a "sector outperformer" rating.  And AltaCorp Capital increased its target to $28 from $25.50 and reiterated an "outperform" rating.

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Pure Industrial REIT's first foray into the U.S. has garnered a ratings upgrade from RBC Dominion Securities analyst Neil Downey.

The REIT has agreed to acquire 11 light industrial properties located primarily in the U.S. for $235-million (U.S.). The portfolio will be purchased from Scannell Properties, a company with a lengthy track record of developing FedEx facilities.

Mr. Downey sees several notable benefits to the REIT from the transaction, including exposure to e-commerce, strategic locations and long-term leases with modest growth.

Mr. Downey raised his rating to "outperform" from "sector perform" and maintained a target price of $5.25. The analyst consensus price target over the next year is $5.15, according to Thomson Reuters.

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In other analyst actions:

RBC Dominion Securities raised its price target on Alimentation Couche-Tard to $33 (Canadian) from $29 and maintained a "sector perform" rating.

Raymond James raised its price target on Russel Metals to $38 (Canadian) from $34 and maintained an "outperform" rating.

RBC Dominion Securities cut its price target on Tekmira Pharmaceuticals to $25 (U.S.) from $30 and maintained an "outperform" rating.