The Globe and Mail reports in its Thursday, Feb. 12, edition that while Stifel industrial metals analysts Ralph Profiti and Cole McGill feel 2025 was all about the demand for copper, they now feel 2026 will be "a supply story." The Globe's David Leeder writes in the Eye On Equities column that Mr. Profiti and Mr. McGill say in a note: "We continue to see indications of our 'legacy asset thesis' intimating difficulty in supply growth. Over the past decade, copper miners have prioritized capital returns over growth, as sector leverage is the lowest since 2012, with capital expenditures significantly below last cycle peak. The result? The average grade of the top twenty copper mines has decreased 9 per cent over the last two decades, requiring accelerating reinvestment per ton of copper production, inherently supportive of the copper price. Despite record copper prices, sector valuations have favoured buying vs building new supply -- which doesn't solve supply (Anglo/Teck), as 'higher for longer' is required to support increased incentive pricing." The Stifel analysts continue to rate Teck Resources "hold." They boosted their share target to $80 from $65. Analysts on average target the shares at $73.20.