Berenberg Lifts Target for Antofagasta Stock Amid Copper Price Pullback

Berenberg, a financial services company, has raised its target price for Antofagasta stock to GBp 4,600.00. This change comes after a sharp copper-price pullback that Berenberg views as an entry point.

The new target is 4.55 percent above the old one and remains below the 52-week high of GBp 4,475.00. The recommendation matters because it follows a recent upgrade from Hold to Buy on September 14, 2026, with a GBp 4,400.00 target.

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.

However, there is a caveat: Antofagasta's full-year 2026 copper production guidance was reduced due to severe winter weather affecting the Los Pelambres mine and commissioning delays for the Centinela second concentrator.