Berenberg Lifts Antofagasta Stock to 'Buy' with 23% Upside Potential

Berenberg's upgrade of Antofagasta stock to 'Buy' on September 15, 2026, has lifted the London-listed copper producer's shares after a sharp pullback in copper prices. The bank maintained its price target of 4,400 pence per share, which represents a potential gain of roughly 23 percent from the current price of 3,586 pence.

The upgrade is based on Berenberg's valuation metrics, which it considers conservative relative to Antofagasta's growth profile. The shares are trading at around 2.37 times net asset value and 7.8 times the broker's estimated 2027 EBITDA, levels that the bank sees as undemanding for a high-quality copper producer.

Berenberg also expects Antofagasta's copper output to rise by about 27 percent from 646,000 tonnes in 2026 to 818,000 tonnes by 2028, driven by project ramp-ups and operational improvements. This volume expansion is expected to drive a re-rating of the stock as higher throughput and economies of scale begin to show in earnings and cash flow.