Credit Suisse said the upgrade stems from upside risk to its coking, copper and zinc estimates.
Teck should benefit from a tighter coking coal market in 2017 at prices higher than the firm's $119 per tonne forecast, as well as reflation of the steelmaking cost curve and stronger base metals prices.
Additionally, RBC Capital Markets raised its stock rating to "outperform" from "sector perform" and hiked its price target to $30 from $23.
The firm also increased its coking coal price outlook for the 2016 fourth quarter and 2017, TheFly reports.
Teck is a Vancouver, Canada-based metals and mining company.
Separately, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
The team rates Teck Resources as a Sell with a ratings score of D. The company's weaknesses can be seen in multiple areas, such as its feeble growth in its earnings per share, deteriorating net income, disappointing return on equity and poor profit margins.
You can view the full analysis from the report here: TCK