JPMorgan raised the firm’s price target on Teck Resources to $57 from $54 and keeps an Overweight rating on the shares as part of a Q3 earnings preview. China stimulus news has boosted copper equities in recent weeks, but JPMorgan remains cautious on the size of fiscal stimulus and “underappreciated Trump 2.0 tariff risk.” Both of these present potential downside risk to global copper demand, the analyst tells investors in a research note. The firm remains long-term positive on the metal and copper equities, but sees near-term risks weighted to the downside and would wait for a better entry point. Teck Resources remains its favored pick.
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