TD Securities and RBC Capital Markets lowered their price targets on Teck Resources Ltd. (TECK-B.TO, TECK) on Friday.

TD analyst Craig Hutchison reduced his target on shares of the Canadian resource company to $76 from $83, and maintained a Buy rating.

"We have lowered our target price... to reflect weaker than expected copper production guidance this year and next, driven by operational issues at Highland Valley (HVC) and ramp-up issues at Quebrada Blanca 2 (QB2)," Hutchison said in a note to clients.

"While management believes they are back on firm footing at HVC, the issues at QB2 are expected to drag in to at least H1/25 as equipment availability issues and recoveries issues are addressed," the analyst said.

RBC analyst Sam Crittenden lowered his target on the stock to $84 from $85, and maintained an Outperform rating.

"Teck had another setback at QB with a further guidance downgrade in 2024 and in 2025, although we note this was the 5th full quarter of production and large mine ramp-ups typically take 10 quarters to reach full capacity," Crittenden said in a note to clients.

"Throughput and grades have been fine; however, it could take a few quarters for recoveries to reach design levels," the analyst said.

"Nevertheless, Teck should see sequential copper growth while the buyback provides support, and we could see some re-rating as QB improves."

(MT Newswires covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www.mtnewswires.com/contact-us)