Berenberg Updates Model for Antofagasta Post-H1 Earnings; Hold Rating Maintained

06:46 AM EDT, 08/14/2026 (MT Newswires) -- Berenberg revised its model for Antofagasta (ANTO.L) to account for the mining company's first-half results and lowered full-year 2026 copper production outlook. In a Friday note, analysts said Antofagasta's first-half revenue of $4.48 billion aligned with market expectations, while its underlying EPS of $0.859 beat the consensus forecast of $0.753 and Berenberg's $0.735 estimate, amid stronger joint venture-related earnings and reduced net finance costs. "However, copper production guidance was revised lower to [625,000-655,000 tonnes] (from 650-700kt), primarily due to a pre-flagged shutdown at Los Pelambres in Q2 in response to weather events in Chile, with some embedded conservatism for possible future weather events. Activity at Los Pelambres is expected to gradually improve over H2, resulting in a sequential quarterly improvement in volumes, with mining of higher-grade zones also being deferred to Q4 2026/early 2027," the note said. Against this backdrop, analysts marginally boosted their 2026 sales projection, then cut their forecasts for 2027 and 2028. The research firm also raised its EBITDA and EPS assumptions for 2026 to 2028. Berenberg affirmed the stock's hold rating and price target of 44 pounds sterling.