TD Cowen raises Teck Resources' PT on optimism around future JV, potential merger with Anglo

** TD Cowen raises price target on copper miner Teck Resources TECKb.TO to C$63 from C$60

** The new price target represents a 14% upside to the stock's last close

** Brokerage raises PT on higher multiples and to capture some value from a future Quebrada Blanca-Collahuasi joint venture, regardless of the vote for merger with Anglo American

** TD Cowen sees Anglo as the most logical buyer and notes their commitment to move their headquarters to Canada in perpetuity from Teck's perspective

** Notes the significant commitments to critical mineral investments in Canada by both companies

** 13 of 20 brokerages rate the stock "buy" or higher, 6 "hold" and 1 "sell"; their median PT is C$59 - data compiled by LSEG

** As of last close, stock down 5% YTD