Antofagasta: well oriented with broker upgrade

(CercleFinance.com) - Antofagasta is up over 3% in London, buoyed by a recommendation upgrade by Canaccord Genuity from 'hold' to 'buy', in view of the stock's 30% upside potential against its price target maintained at 2065 pence.


The broker says it has lowered its 2024-25 production and EBITDA projections for the Chilean mining company, while raising its 2025 capital expenditure and net debt expectations.

Despite these negative revisions, Canaccord is maintaining its price target, and with the general decline in the share price since mid-2024, it now sees 'better upside potential for the stock than at most points in the second half of 2024'.

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