2025-06-09-花旗集团-泰克资源（TECKB）_泰克资源（TECKb.TO）_模型更新_QB2仍是股票表现的关键；因铜面临的不利因素下调目标价；中性评级_13页_502kb

Teck Resources Citi Research Analysis Summary

Date: June 8, 2025 (Action) / September 9, 2025 Report
Analyst: Alexander Hacking
Rating: Neutral
Key Points:

• Model Update: QB2 performance is central to stock performance, with copper price forecasts updated.
• Target Price Reduction: Target price lowered to C$55/sh (down from previous), driven by Citi's cautious outlook on copper heading into 2H25. Copper price forecast: C$52.83.
• Performance Analysis: Teck underperformed peers YTD due to QB2 delays (e.g., slow sand drainage at TMF site); relative performance hinges on 2026 expectations for full capacity.
• Valuation: Target price based on 1.1x NAV, incorporating operations and growth projects (QB3, Zafranal, San Nicolas).
• Risks: Copper price volatility, geopolitical issues, and execution challenges on growth projects.