The Globe and Mail reports in its Tuesday, Feb. 3, edition that Citibank analysts think Anglo American's takeover of Teck Resources will create a company with "80-per-cent earnings exposure copper where it will be a top-tier player, supported by substantial synergies and operational recovery." The Globe's David Leeder writes in the Eye On Equities column that Citi analyst Ephrem Ravi upgraded Anglo American to "buy" from "neutral," believing the merger "catalyzes significant upside." At the same time, Citi analyst Alexander Hacking also raised his recommendation for Teck to "buy" from a "neutral" recommendation with a $104 target, up from $76 to reflect the terms of the deal. Analysts on average target Teck shares at $72.46. Mr. Hacking says in a note: "Our base case is that the merger proceeds on current terms and thus maintain equivalent ratings and target prices. The merger not going through is a key risk. ... We anticipate value accretion from operational normalization at key assets, potentially adding $1.2-billion in EBITDA. Organic growth at Collahuasi and Quellaveco copper assets could contribute an additional $1.4-billion in EBITDA over the next five to seven years."