HomeMarket NewsMiningFinancial Analysts Rally Anglo American and Antofagasta After UBS Upgrade

Financial Analysts Rally Anglo American and Antofagasta After UBS Upgrade

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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

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