Berenberg Boosts Antofagasta Stock with 'Buy' Recommendation

Antofagasta stock has seen an uptick in trading after a fresh 'Buy' recommendation from Berenberg, coupled with recent guidance revisions by the Chile-focused copper producer. The broker upgraded Antofagasta from 'Hold' to 'Buy', maintaining a price target of 4,400 pence per share. This implied around 23 percent upside versus Antofagasta's London closing price of 3,586 pence on September 14, 2026.

The upgrade follows a guidance cut by Antofagasta in August 2026, which had previously affirmed its full-year guidance in mid-July. However, first-half copper production fell 9.5 percent versus the prior year, illustrating how weather disruptions and project ramp-ups can create tension between volume trends and management targets.

The recent operational narrative remains central for Antofagasta stock. Analyst views on Antofagasta remain mixed despite the Berenberg upgrade, with Bernstein maintaining a 'Hold' rating in mid-September 2026.