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