Berenberg Upgrade Gives Antofagasta Copper Price Bounce a Boost
Antofagasta's stock price has surged as Berenberg upgraded its rating to Buy from Hold, citing a sharp pullback in copper prices that creates an attractive entry point. The bank kept its price target unchanged at 4,400 pence, implying around 16 percent upside from recent levels.
The upgrade is driven by the view that copper demand remains structurally supported while supply has lagged, positioning Antofagasta to benefit as prices normalize. In its most recent half-year report for the period ended June 30, 2026, Antofagasta delivered revenue of USD 2.68 billion and operating profit of USD 571.1 million.
The company's operating margin stands at around 21.3 percent for the first half of 2026, illustrating the profitability of its copper-focused portfolio in a volatile commodity environment. Market capitalization stood at about GBP 27.9 billion as of September 19, 2026.