Jefferies downgraded Antofagasta to Hold from Buy with a price target of 1,550 GBp, down from 1,900 GBp. The firm lowered its forecasts for copper demand related to the energy transition, saying renewable energy projects are being delayed and electric vehicle penetration may be slowing, in part due to high costs. The analyst cites valuation and capex risks for the downgrade.
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Read More on ANFGF:
- Antofagasta upgraded to Sector Perform from Underperform at RBC Capital
- Antofagasta price target lowered to 1,270 GBp from 1,320 GBp at Barclays
- Antofagasta price target raised to 1,080 GBp from 1,060 GBp at JPMorgan
- Antofagasta price target raised to 1,320 GBp from 1,180 GBp at Barclays
- Antofagasta price target lowered to 1,060 GBp from 1,080 GBp at JPMorgan