ANTOFAGASTA

Berenberg has upgraded Antofagasta from hold to buy and views the recent copper sell-off, which pushed the price to around USD 14,200/t, as an attractive entry point. The bank highlights growth potential: copper volumes are expected to rise from 646,000 t (2026) to 818,000 t (2028), driven by Los Pelambres and a second concentrator project at Centinela. Higher by-product volumes, stable EBITDA margins (about 66–68%), and declining capex should significantly boost free cash flow; the price target remains 4,400 pence. » Mere på de.investing.com

European markets recover slightly, the DAX rises 0.3% to 26,061 points, supported by calming bond markets and a stable oil price. Mining stocks gain around 2.5%, with Antofagasta climbing just over 4% after a recovery in precious metal prices. German purchasing manager indices show a mixed picture: industry with good sentiment, services weaker. Individual stocks: Thyssenkrupp strong after a positive analyst comment, Fielmann cuts its outlook and falls sharply. » Mere på finanzen.net

Antofagasta reported adjusted EPS of 0.859 USD (forecast 0.7533 USD) and EBITDA of 2.84 billion USD, driven by higher copper prices and cost control. Revenue was slightly below expectations at 4.48 billion USD. Due to severe winter storms at Los Pelambres, the company lowered its full-year copper production guidance to 625,000–655,000 tonnes (previously ~680,000). The interim dividend rose to 0.301 USD and the stock fell about 4.9% following the production revision. » Mere på de.investing.com