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The latest analyst refresh on Teck Resources lifts the central fair value estimate from CA$75.62 to CA$80.82, putting a slightly higher price target in focus. That shift lines up with recent research where several firms are resetting targets into the C$79 to C$82 range around the proposed Anglo American merger and updated Q4 numbers, while others flag valuation and regulatory risk as key pressure points. As you read on, you will see how these differing viewpoints shape the evolving story around Teck and what to watch as new updates arrive.

Analyst Price Targets don't always capture the full story. Head over to our Company Report to find new ways to value Teck Resources.

What Wall Street Has Been Saying 🐂 Bullish Takeaways

• Several firms, including Scotiabank, TD Securities, Canaccord and Benchmark, have lifted their targets into roughly the C$79 to C$82 range, reflecting updated Q4 assumptions and the proposed Anglo American merger now being a central part of their models.
• Benchmark moved its target to US$67 from US$48 and highlighted potential revenue synergies at QB and Collahuasi, along with recurring pre tax annual synergies linked to the Anglo American tie up.
• CIBC raised its target to C$79 and shifted its rating to Tender after Canadian approval of the merger, underscoring that, if remaining approvals come through, the transaction could be an important value driver.

🐻 Bearish Takeaways

• TD Securities and Canaccord both keep Hold ratings around C$80 to C$82 targets, which signals that at recent levels they see limited upside relative to their fair value frameworks.
• Raymond James downgraded Teck on valuation after a rally, and TD Securities also downgraded earlier in the year, pointing to concerns that the share price already reflects a full merger story and leaves less room for execution or regulatory setbacks.

Do your thoughts align with the Bull or Bear Analysts? Perhaps you think there's more to the story. Head to the Simply Wall St Community to discover more perspectives!

TSX:TECK.B 1-Year Stock Price Chart

See how Teck Resources' fair value stacks up across multiple valuation models — not just analyst targets.

What's in the News

• Teck issued 2026 production guidance, with expected copper output of 455,000 to 530,000 tonnes, zinc production of 410,000 to 460,000 tonnes, and refined zinc of 190,000 to 230,000 tonnes, plus Red Dog Q1 2026 zinc in concentrate sales of 40,000 to 50,000 tonnes.
• For Q4 2025, Teck reported unaudited production of 134,100 tonnes of copper, 108,600 tonnes of zinc, and 68,100 tonnes of refined zinc.
• For full year 2025, Teck reported copper production of 453,500 tonnes, zinc production of 565,000 tonnes, and refined zinc of 229,900 tonnes.
• Teck completed a buyback of 18,798,430 shares, or 3.75% of shares outstanding, for a total of US$1.03b under its program announced on November 18, 2024, with no repurchases between October 1 and November 21, 2025.

How This Changes the Fair Value For Teck Resources

• Fair value updated from CA$75.62 to CA$80.82 as the new central estimate.
• Revenue growth assumption adjusted from 6.25% to 3.88%.
• Net profit margin revised from 14.13% to 15.18%.
• Future P/E moved from 24.50x to 25.61x.
• Discount rate updated from 7.85% to 8.04%.

Never Miss an Update: Follow The Narrative

Narratives link a company story to a financial forecast and fair value, so you can see how projects, risks, and capital decisions fit together. They refresh as new data, guidance, or corporate actions come through, keeping the investment case current.

Head over to the Simply Wall St Community and follow the Narrative on Teck Resources to stay up to date on:

• How copper growth projects such as Highland Valley life extension, QB optimization, Zafranal, and San Nicolas are expected to reshape Teck resource mix and volumes.
• The role of Teck balance sheet strength, liquidity of about US$8.9b, and ESG track record in funding copper expansion and buybacks or dividends.
• Key risks such as project delays at QB2, rising capital costs, permitting and regulatory uncertainty across multiple countries, and sensitivity to copper and zinc prices.

This article by Simply Wall St is general in nature. We provide commentary based on historical data
and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your
financial situation. We aim to bring you long-term focused analysis driven by fundamental data.
Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material.
Simply Wall St has no position in any stocks mentioned.

Companies discussed in this article include TECK-B.TO.

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