Berenberg Ups Antofagasta Price Target Amid 'More Constructive' Copper, Gold Pricing Outlook

02:51 AM EST, 12/18/2025 (MT Newswires) -- Berenberg raised its price target for Antofagasta (ANTO.L) to 33 pounds sterling from 29 pounds, citing a "more constructive" copper and gold pricing environment. "We remain at Buy on Antofagasta, which is trading on 2.27x NAV and 7.9x 2026E EBITDA, and view the shares as a lower-risk, high-quality way to gain large-cap copper exposure, with a compelling growth profile to [around] 850 [thousand tonnes per annum] of copper (plus rising gold) by 2028," according to a Wednesday note. For full-year 2025, the research firm projects revenue of $8.2 billion, EBITDA of $4.9 billion and EPS of $1.15, slightly ahead of market estimates of $8 billion, $4.8 billion and $1.10, respectively, with potential upside scope. Analysts said they continue to focus on the Los Pelambres project in Chile, noting they "remain confident" in seeing improved volumes in 2026. Berenberg also seeks more clarity on the British miner's strategy for its 18.94% stake in Peruvian precious and base metals company Compañía de Minas Buenaventura.