Teck Resources shares surge 7.92% after-hours following Citi's Buy upgrade and Anglo American merger progress.

Teck Resources surged 7.92% in after-hours trading following Citi’s upgrade to Buy with a C$104 price target, citing optimism around the Anglo American merger and strong production guidance. The European Commission’s approval of the merger eliminated regulatory uncertainty, while robust Q4 production data and rising copper/iron ore prices reinforced investor confidence. Deutsche Bank and Veritas also raised price targets, aligning with Citi’s bullish stance. The combined entity’s projected 1.2–1.3 million metric ton annual copper output positions it as a top-three global producer, enhancing long-term growth prospects. These factors collectively drove the sharp after-hours rally.