JPMorgan has revised its outlook on Teck Resources (TECK, Financial), reducing the price target from $50 to $41, while maintaining an Overweight rating on the company's shares. This adjustment is part of the firm's first-quarter earnings preview for the North American base metals sector.
The decision to lower the price target reflects a 20% cut in December 2025 expectations across the board. This adjustment is driven by a combination of a de-rating in multiples and a reduction in forward-commodity pricing. These changes are attributed to ongoing tariff uncertainties and evolving economic recession risks, which are influencing market conditions. Despite these challenges, JPMorgan continues to hold a positive outlook on Teck Resources, indicating potential for growth in the longer term.
