Berenberg Views Antofagasta Share Pullback as 'Compelling' Entry Point; Rating Upgraded

02:45 AM EDT, 09/14/2026 (MT Newswires) -- Berenberg upgraded Antofagasta (ANTO.L) to buy from hold, saying the recent copper selloff is a "compelling" buying opportunity for investors. "For backdrop, copper prices have pushed towards the [$15,000 per tonne] level in recent trading days amid supply disruption, tight physical markets, the broader debasement trade and certainly an element of investor speculation. In particular, this speculation is about the implementation of additional tariffs by the US government on copper imports, which have seen US copper inventories reach record highs and continue to grind higher," according to a Monday note. "We retain the view that the inflationary impacts of additional tariffs on refined copper imports into the US would be detrimental to the US economy. Therefore, we do not think that such tariffs will be put in place. The market is, in part, driven by sentiment. Furthermore, the outsized selloff in copper (down to the cUSD14,200/t level) and copper equities has presented entry points or opportunities to add to positions," analysts said. Berenberg added that it expects Antofagasta's volume growth across full-year 2027 and 2028 to serve as a rerating catalyst. On the earnings side, analysts trimmed their 2027 to 2028 EPS forecasts by 0.1% each. The stock's price target was unchanged at 44 pounds sterling, implying a 16% upside.