Antofagasta: Barclays downgrades stock

(CercleFinance.com) - Barclays downgrades its recommendation on Antofagasta from 'equal weight' to 'underweight', with a target price lowered 6% to £12.
95, due to higher capex in 2025-26 and a lower NPV.

According to the broker, this higher capex will imply significantly negative free cash flow until 2026 for the Chilean copper mining company.

He also points to the strong relative performance of the share price, which reached a 52-week high, valuation multiples at their highest level for eight years and a 43% premium to its base metal peers.


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