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Analysts Weigh in on Antofagasta amid Lower Copper Prices

Mohit Oberoi, CFA - Author

Nov. 26 2018, Updated 7:32 a.m. ET


Antofagasta (ANTO) has received “strong buy” ratings from seven analysts, while five have given it “buy” ratings or some equivalent. Six analysts have given Antofagasta “hold” ratings, while the remaining three analysts polled by Thomson Reuters on November 22 have rated it as a “sell” or lower.

The stock’s mean consensus price target of 907.24 British pence represents a potential upside of 12.1% over its November 22 closing price.

Over the last month, brokerages’ opinions have been mixed on Antofagasta. On October 25, a day after Antofagasta released its third-quarter production report, CFRA and Barclays lowered the stock’s price target. However, on October 30, UBS upgraded the stock from a “sell” to a “neutral.”

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Third-quarter production report

Antofagasta produced 188,300 metric tons of copper, a sequential rise of 15.4%, in the third quarter. Freeport-McMoRan (FCX) also reported a sequential rise in its third-quarter copper production. Antofagasta expects its copper production to rise next year. First Quantum Minerals (FM) also expects its copper production to rise, while Freeport’s copper production is expected to fall sharply as its Grasberg mine transitions from overground to underground operations.

Earlier this month, Antofagasta announced an expansion of its Los Pelambres mine in Chile (ILF). It expects additional production from the mine in 2021.

In the next article, we’ll see how analysts are rating Glencore (GLEN-L).


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