Antofagasta: stock rises with broker upgrade

(CercleFinance.com) - Antofagasta shares are up over 3% in London today, buoyed by a rating upgrade by Canaccord Genuity ('hold' to 'buy'), in view of the stock's 30% upside potential in its target price, which it has 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 capex and net debt expectations.

Despite these negative revisions, Canaccord is maintaining its target price, 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 H2 2024.


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