The Globe and Mail reports in its Thursday edition that TD Cowen analyst Craig Hutchison has reaffirmed his "buy" recommendation for Teck Resources. The Globe's David Leeder writes that Mr. Hutchison gave his share target a $3 boost to $63. Analysts on average target the shares at $59.22. Mr. Hutchison lowered his earnings forecast for Anglo American due to uncertainty surrounding its bid for Teck, citing reduced throughput and long-term recovery rates at Quebrada Blanca, along with higher capital expenditure projections. Mr. Hutchison says in a note: "We updated our QB estimates to reflect the cautious language from Teck's QB action plan. We decreased throughput estimates and raised capex for 2H/25 and 2026 in anticipation of higher a tailings-related impact. Furthermore, our long-term recovery is now 88 per cent vs. our prior 88- to 92-per-cent estimate. Our QB production estimates for 2025 and 2026 are now 206kt (guidance 210-230kt) and 245kt (guidance 280-310kt), respectively. ... Prime Minister Carney has reported that any Anglo-Teck merger would at a minimum require the head office to be located in Canada. In our opinion, this effectively rules out other large-cap base metal producers from making a bid for Teck."