HomeMarket NewsMiningFinancial Analysts Rally Anglo American and Antofagasta After UBS Upgrade

Financial Analysts Rally Anglo American and Antofagasta After UBS Upgrade

Actionable Trade Ideas

always free

Anglo American and Antofagasta stocks experienced a significant surge following a favorable UBS upgrade, led by analysts Myles Allsop and Daniel Major. The upgrade showcased a positive risk/reward profile for Anglo American and a notable elevation of Antofagasta’s rating from neutral to buy.

Allsop expressed confidence in the company’s potential gains from improving copper prices in 2024-2025, along with resilient iron ore, met-coal prices, and anticipated recovery of PGM and rough diamond prices. On the other hand, Major noted the expectation of superior earnings growth compared to most peers, as a result of overcoming a challenging period and a projection of organic volume growth and unit cost improvement.

The note also unveiled an upward revision of Antofagasta’s price target to Β£17 ($21.5) per share from Β£16 ($20.2).

Read More: Copper price climbs to three-month high on Panama mine risk, shortfall


Swing Trading Ideas and Market Commentary

Need some new swing ideas? Get free weekly swing ideas and market commentary from Jonathan Bernstein here: Swing Trading.

Explore More

Weekly In-Depth Market Analysis and Actionable Trade Ideas

Get institutional-level analysis and trade ideas to take your trading to the next level, sign up for free and become apart of the community.