TECK.B Price Targets Rise Amid Proposed Combination With Anglo American

Analysts have increased their price targets on Teck Resources (TECK.B) after its Q2 results. The updated models reflect higher fair value estimates, with a modest increase from CA$87 to roughly CA$89. This is supported by refreshed assumptions about long-term margins and revenue growth.

The proposed combination with Anglo American in the second half of 2026 is seen as a way to create a larger copper-focused company that could support a higher valuation multiple over time. Several firms have lifted price targets, indicating growing confidence in the earnings and P/E assumptions used in their models.

Bullish analysts see Teck Resources as a way to get exposure to energy transition metals alongside internal growth options, which they believe are essential for long-term volume and cash flow potential. However, some cautious analysts maintain only Neutral views, suggesting that the current share price already reflects much of the existing earnings and asset base.

The large Anglo American and Teck Resources transaction still needs to close as planned. Any delays or regulatory hurdles could affect how quickly investors are willing to re-rate the combined company. Additionally, Teck Resources continues to face inflationary cost pressures, which could weigh on margins and valuation.