The latest analyst work on Teck Resources includes a modest lift in modelled fair value from about CA$86.76 to roughly CA$89.18, which flows through to updated price targets. These revisions sit alongside fresh commentary following Q2 results and the proposed combination with Anglo American, where some analysts see more upside potential and others remain cautious on execution and timing. As you read on, you will see how these moving pieces shape the evolving Teck Resources narrative and what to watch next in the research.

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

• Raymond James upgraded Teck Resources to Outperform with a price target lifted to C$93, citing strong cash generation and exposure to energy transition metals. The firm links this to attractive implied return potential.
• CIBC raised its Teck Resources target to C$85. This supports the view that recent Q2 updates and the project pipeline are feeding into higher modelled fair values among some analysts.
• JPMorgan nudged its Teck Resources target to US$47 after updating forecasts following Q2 results. This keeps the stock on the firm’s radar even with a Neutral rating.
• Scotiabank highlighted the planned US$35b acquisition by Anglo American and the creation of Anglo Teck, and expects a copper focused combined company headquartered in Vancouver. The firm sees scope for Anglo American shares to re rate if the deal closes as planned in the second half of 2026.

🐻 Bearish Takeaways

• The presence of Neutral ratings alongside higher targets, such as at JPMorgan, shows some caution around upside from current levels, especially with execution risk tied to Teck Resources and the proposed combination timeline.

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

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How This Changes the Fair Value For Teck Resources

• Fair value in CA$ terms moved from about CA$86.76 to roughly CA$89.18.
• Long term CA$ revenue growth still reflects a decline, with the expected contraction easing from about 1.32% to roughly 1.21%.
• Projected net profit margin in CA$ terms shifted from about 13.88% to roughly 13.94%.
• Future P/E multiple moved from about 29.23x to roughly 30.10x.
• The assumed discount rate moved from 8.30% to about 8.42%.

Never Miss an Update: Follow The Narrative

Narratives link Teck Resources' business story to a financial forecast and fair value that adjust as new information comes through. They help you see how projects, deals and risks fit together in one consistent view.

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 like Highland Valley, QB and the Zafranal and San Nicolas pipeline are expected to reshape Teck Resources' production mix over time.
• Why balance sheet strength, liquidity of about $8.9b and ESG credentials are central to funding growth projects and maintaining access to premium customers and capital.
• The main risks analysts highlight, including project delays and cost inflation, permitting and regulatory uncertainty across several countries, and sensitivity to weaker 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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