Morgan Stanley downgraded Antofagasta to Underweight from Equal Weight with a price target of 1,600 GBp, down from 1,920 GBp. As copper pulled back in recent months, Antofagasta is down 26% from its Q2 peak alongside the broader equity space, but the stock is still up year-to-date and the stock is now pricing $4.78/lb copper into perpetuity, a 14% premium to spot and 11% premium to the firm’s commodities team’s long-term incentive price forecast, the analyst tells investors.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on ANFGF:
- Antofagasta price target lowered to 1,720 GBp from 1,730 GBp at JPMorgan
- Antofagasta price target lowered to 2,000 GBp from 2,100 GBp at Deutsche Bank
- Antofagasta price target lowered to 1,600 GBp from 1,660 GBp at Barclays
- Antofagasta initiated with a Neutral at Goldman Sachs
- Antofagasta price target raised to 1,730 GBp from 1,720 GBp at JPMorgan
Questions or Comments about the article? Write to editor@tipranks.com