Antofagasta: UBS downgrades stock
(CercleFinance.com) - UBS has downgraded its rating on Antofagasta to "sell" (from "neutral"), while increasing its target price for the share to 1,450 pence (from 1,350 pence - current price: 1,705 pence, -4.
3%), with its new target price representing downside potential of 19% for the Chilean mining company's stock.
"In our view the risk of higher taxes in Chile is no longer appropriately discounted and copper is likely to be benefit least from supply disruptions," the broker summarised.
Copyright (c) 2022 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.