RBC Capital upgraded Antofagasta to Outperform from Sector Perform with a price target of 1,800 GBp, up from 1,300 GBp. The analyst says a “rapid tightening” in expected copper supply has brought forward a medium-term bull market. Antofagasta is expensive, but should stay this way with dual drivers for earnings growth, the analyst tells investors in a research note.
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