Bernstein analyst Bob Brackett upgraded Antofagasta (ANFGF) to Outperform from Market Perform with a 1,950 GBp price target The firm believes the current copper price is close to a “value” territory, and Antofagasta offers an attractive valuation to buy modest growth in copper. Another material catalyst is EIA approval to extend Los Pelambres mine life beyond 2035, but it might only happen in 2027, Bernstein adds. It says EIA approval to extend Zaldivar mine-life could be a potential near-term risk.
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Read More on ANFGF:
- Antofagasta price target lowered to 2,000 GBp from 2,100 GBp at Scotiabank
- Antofagasta price target lowered to 1,600 GBp from 2,000 GBp at Jefferies
- Antofagasta price target lowered to 2,200 GBp from 2,300 GBp at Citi
- Antofagasta Appoints New Chair for Sustainability Committee
- Antofagasta upgraded to Equal Weight from Underweight at Barclays
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