RBC Capital analyst Tyler Broda downgraded Antofagasta to Underperform from Sector Perform with a price target of 1,200 GBp, down from 1,500 GBp. The company’s “growing capex burden” combined with more valuation premium to unwind in a negative China scenario leave the shares at near 25-year relative highs, which is a “challenging position,” the analyst tells investors in a research note.
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