The Globe and Mail reports in its Friday, July 18, edition that Desjardins Securities analyst Bryce Adams has downgraded Teck Resources to "hold" from "buy." The Globe's Darcy Keith writes in the Eye On Equities column that Mr. Adams's share target tumbled $14 to $58. Mr. Adams says the key rationale for the downgrade was risk that guidance could be cut for the giant Quebrada Blanca mine in Chile. Mr. Adams says in a note: "We now model 218.5kt of copper produced this year, below guidance of 230 270kt. We expect a guidance cut and a continuation of a slower-than-expected ramp-up to serve as a headwind for Teck's Class B shares. ... On a consolidated basis, we model 491kt, directly at the low end of the company's guidance (490 565kt). ... We continue to have a favourable longer-term view on the shares given the company's high-quality assets and strong balance sheet. The risk to our call is reaffirmed guidance (obviously) and continued use of the buyback program, which has been active and has supported the shares through 1H25." Mr. Adams termed his downgrade as only "short-term positioning." The Globe reported on July 10 that National Bank continued to rate Teck "outperform." The shares were then worth $52.61.