JPMorgan analyst Dominic O’Kane downgraded Antofagasta to Underweight from Neutral with a price target of 1,230 GBp, down from 1,250 GBp. The analyst says tangible evidence shows that four years of iron ore supply constraints are easing and exports are expected to surge in Q2 just as China is likely to impose restrictions on steel production. The firm expects free cash yields and shareholder distributions will decline in 2023 as capex increases.
Published first on TheFly
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