Barclays upgraded Antofagasta (ANFGF) to Equal Weight from Underweight with a price target of 2,000 GBp, up from 1,500 GBp. The firm says higher copper prices are needed to incentive supply. Materially higher copper prices – potentially well in excess of $5/lb – are required for a considerable period to incentivise boards to approve the next generation of brownfield copper expansions in traditional base, the analyst tells investors in a research note.
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Read More on ANFGF:
- Antofagasta price target lowered to 1,800 GBp from 1,810 GBp at JPMorgan
- Antofagasta price target lowered to 1,500 GBp from 1,550 GBp at Barclays
- Antofagasta price target lowered to 1,550 GBp from 1,600 GBp at Barclays
- Antofagasta Reports Strong Q3 Copper Production Boost
- Antofagasta price target raised to 1,810 GBp from 1,720 GBp at JPMorgan