Global Copper Market Shift: The International Copper Study Group (ICSG) reports a potential shift from a 178,000-ton surplus in 2025 to a 150,000-ton deficit due to supply constraints and increasing demand, particularly from Asia and energy transition sectors.
Production Challenges: While mine output is expected to rise by 2.3% in 2026, disruptions in major producing countries like Chile and Indonesia, along with underinvestment in new projects, could significantly impact supply forecasts.
Price Trends and Investor Sentiment: Copper prices are supported by supply disruptions and a weaker U.S. dollar, with Morgan Stanley predicting an average price of $4.83/lb in 2026, reflecting current levels but above year-to-date averages.
Sector Consolidation and Future Outlook: Major mergers in the sector may not guarantee increased production, as companies often prioritize high-return assets over expanding total output, raising concerns about meeting future demand.
Wall Street analysts forecast TECK stock price to fall over the next 12 months. According to Wall Street analysts, the average 1-year price target for TECK is 45.92 USD with a low forecast of 39.62 USD and a high forecast of 51.87 USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
6 Analyst Rating
Wall Street analysts forecast TECK stock price to fall over the next 12 months. According to Wall Street analysts, the average 1-year price target for TECK is 45.92 USD with a low forecast of 39.62 USD and a high forecast of 51.87 USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
2 Buy
3 Hold
1 Sell
Hold
Current: 53.000
Low
39.62
Averages
45.92
High
51.87
Current: 53.000
Low
39.62
Averages
45.92
High
51.87
JPMorgan
Bill Peterson
Neutral
maintain
$43 -> $51
2025-12-05
Reason
JPMorgan
Bill Peterson
Price Target
$43 -> $51
AI Analysis
2025-12-05
maintain
Neutral
Reason
JPMorgan analyst Bill Peterson raised the firm's price target on Teck Resources to $51 from $43 and keeps a Neutral rating on the shares. The firm adjusted price targets in the North America metals and mining group as part of its 2026 outlook.
Deutsche Bank
Buy
maintain
$45 -> $46
2025-11-26
Reason
Deutsche Bank
Price Target
$45 -> $46
2025-11-26
maintain
Buy
Reason
Deutsche Bank raised the firm's price target on Teck Resources to $46 from $45 and keeps a Buy rating on the shares as part of a 2026 outlook for the copper sector. Severe supply disruptions have pushed copper prices to near record levels, the analyst tells investors in a research note.
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Scotiabank
Orest Wowkodaw
Sector Perform
downgrade
$65 -> $60
2025-11-25
Reason
Scotiabank
Orest Wowkodaw
Price Target
$65 -> $60
2025-11-25
downgrade
Sector Perform
Reason
Scotiabank analyst Orest Wowkodaw lowered the firm's price target on Teck Resources to C$60 from C$65 and keeps a Sector Perform rating on the shares.
Scotiabank
Outperform
to
Sector Perform
downgrade
$69 -> $65
2025-11-07
Reason
Scotiabank
Price Target
$69 -> $65
2025-11-07
downgrade
Outperform
to
Sector Perform
Reason
Scotiabank downgraded Teck Resources (TECK) to Sector Perform from Outperform with a price target of C$65, down from C$69. The firm believes the company's ongoing Tailings Management Facility issues appear transitory, and are unlikely to impair the mine's medium to long-term operating performance. Scotiabank now sees a stronger likelihood of Teck B shareholders supporting the proposed Anglo American (NGLOY) transaction in the absence of an alternative higher offer.
About TECK
Teck Resources Limited is a resource company that operates a portfolio of copper and zinc operations across North and South America. The Company’s projects include the Highland Valley Copper (HVC) Mine Life Extension Project, Galore Creek Project, Zafranal Project, and NuevaUnion. The HVC Mine Life Extension is located at the HVC site, approximately 17 kilometers (km) west of Logan Lake and 75 kilometers southwest of Kamloops. The Galore Creek Project is situated in Tahltan Territory in northwestern British Columbia, around 370 km northwest of Smithers. The Zafranal Copper Project lies in the Arequipa Region of southern Peru, within the prolific porphyry copper belt. The NuevaUnion Project is a undeveloped copper-gold-molybdenum mining venture in the Americas, located in Chile’s Atacama Region; its two deposits are about 40 km apart. Its Red Dog Operations is a zinc mine located approximately 170 km (105 miles) north of the Arctic Circle in northwest Alaska, near Kotzebue.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
