Teck Resources (TECK-B:CA)
Scotiabank raised its 12 month target on Teck Resources to $70.00 from $60.00 per share, while maintaining a “Sector Perform” rating. Scotiabank indicates that they view Teck’s shares as fairly valued relative to peers, with upside potential now more closely aligned with broader sector performance rather than company-specific catalysts. Ongoing operational execution, disciplined capital allocation, and exposure to long-term energy transition metals, especially copper, remain key positives supporting the the current valuation. However Scotiabank’s analysis suggests caution around commodity price volatility, capital intensity, and macroeconomic sensitivity, which could limit outperformance in the near term. Overall, the valuation increase underscores improved confidence in Teck’s earnings power, while the “Neutral” rating signals that future gains may depend on sustained strength in commodity markets and continued operational discipline.
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