Berenberg Trims Anglo American Target to £5,100

Analysts at Berenberg have adjusted their target price for Anglo American from £5,200 to £5,100 per share, citing a review of production data and changes in Peruvian royalty rules. The revised guidance is linked to the miner's second-quarter report, which showed stronger copper output in Chile and Peru.

The bank trimmed its forecast following the release of Anglo American's Q2 results, where copper production exceeded expectations at 173,000 tonnes. However, iron ore output was slightly lighter than anticipated due to weaker production at Kumba.

Berenberg also noted that the miner maintained operational guidance but reduced blended copper cost guidance to $1.45 per pound from $1.72. The bank attributed this decrease to higher by-product credits. Realised prices for bulk commodities were softer, while copper outperformed expectations at £6.08 per pound.