Berenberg raises Antofagasta stock target to GBp 4,600.00

Published on 10/02/2026 at 16:10 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

EBITDA rose 27.00 percent to USD 2.84 billion in the first half of 2026. Antofagasta stock costs EUR 45.33 on October 2, 2026 versus EUR 43.51.

Isometrische 3D-Grafik der Kupfer-Wertschöpfungskette von Tagebau bis Frachtschiff — Isometrisches 3D-Diagramm der Wertschöpfungskette illustriert den Produktionsprozess von Antofagasta plc GB0000456144 vom Erz bis Export, Illustration mit AI erstellt.

Antofagasta stock (ISIN GB0000456144) was trading at EUR 45.33 at Lang & Schwarz on October 2, 2026 at 4:03 p.m. CEST, up 4.18 percent versus the prior close of EUR 43.51. The latest analyst action came from Berenberg, which raised its target from GBp 4,400.00 to GBp 4,600.00 and kept a Buy rating on September 30, 2026, according to Morningstar.

Berenberg lifts the copper miner target

The new target is 4.55 percent above the old target, calculated from GBp 4,400.00 to GBp 4,600.00. The recommendation matters because it followed a sharp copper-price pullback that Berenberg viewed as an entry point, while its target remained below the 52-week high of GBp 4,475.00.

Sharecast reported on September 14, 2026 that Berenberg had upgraded Antofagasta from Hold to Buy while keeping a GBp 4,400.00 target. The later move to GBp 4,600.00 adds a fresh valuation signal to the stock.

Profit growth meets lower output

Antofagasta's first-half 2026 EBITDA rose 27.00 percent to USD 2.84 billion, and the EBITDA margin reached 63.00 percent. Cash flow from operations increased 53.00 percent, while the interim dividend rose 80.00 percent to USD 0.301 per share, according to the company's results call carried by Yahoo Finance on August 13, 2026.

The operational counterweight is copper production. Full-year 2026 guidance was reduced to 625,000 to 655,000 tonnes from 650,000 to 700,000 tonnes; the midpoint fell from 675,000 to 640,000 tonnes, a 5.19 percent reduction. Management attributed the cut to severe winter weather affecting the Los Pelambres mine, while the Centinela second concentrator remained scheduled for commissioning in 2027.

London listing and next results date

Fidelity identifies Antofagasta as a Chilean copper mining company listed on the London Stock Exchange under ticker ANTO and included in the FTSE All-Share. Its LSE quote was last at GBp 3,844.00 on October 2, 2026 at 3:09 p.m. BST, with a 52-week range of GBp 2,496.00 to GBp 4,475.00.

Investing.com lists February 23, 2027 as the next earnings date. For investors, the central tension is clear: Berenberg sees a higher target, while the 2026 production range remains below the prior guidance.

Antofagasta stock gains on October 2

Antofagasta stock was trading at EUR 45.33 at Lang & Schwarz on October 2, 2026 at 4:03 p.m. CEST, up 4.18 percent versus the prior close of EUR 43.51. The further course of trading is shown by the continuously updated real-time quote of Antofagasta stock.