Anglo American stock: JPMorgan raises target for Anglo American stock to GBp 3,850

Published on 10/20/2026 at 16:13 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Copper output fell 5.00 percent to 174,900 tonnes in Q3 2026. Anglo American stock costs EUR 45.90 at Lang & Schwarz on October 20, 2026.

Analyst target and production

JPMorgan raised its Anglo American target from GBp 3,350 to GBp 3,850 on October 14, 2026.
Third-quarter copper production fell 5.00 percent to 174,900 tonnes on October 20, 2026.
Anglo American stock costs EUR 45.90 at Lang & Schwarz on October 20, 2026 at 4:04 p.m. CEST.

Luftaufnahme eines terrassierten Kupfer-Tagebaus mit Fahrzeugen bei goldenem Abendlicht — Anglo American plc GB00B1XZS820 zeigt einen riesigen Kupfer-Tagebau mit Baggern und Lastwagen im Abendlicht, Illustration mit AI erstellt.

Anglo American stock (GB00BTK05J60) was covered by JPMorgan on October 14, 2026, which upgraded the rating to Neutral from Underweight and raised its target from GBp 3,350 to GBp 3,850, according to Markets Insider. The target is 0.60 percent below the London share price of GBp 3,873.00 on October 20, 2026 at 3:12 p.m. London time.

Copper output sets the tone

Anglo American reported 174,900 tonnes of copper production for the third quarter of 2026, down 5.00 percent from 183,500 tonnes a year earlier. The company's production report dated October 20, 2026 attributed the decline primarily to extreme winter weather in Chile and lower-grade stockpile ore at Collahuasi, while maintaining 2026 copper guidance of 700,000 to 760,000 tonnes.

For the first nine months of 2026, copper output reached 518,500 tonnes, down 1.00 percent from 525,700 tonnes in the comparable period. The same report showed manganese production up 6.00 percent to 1,031,400 tonnes and steelmaking coal production up 53.00 percent to 2.9 million tonnes. These figures give the stock a mixed operating backdrop rather than a single-commodity story. The report is available from Anglo American.

What does the target change imply?

JPMorgan's GBp 3,850 target sits below the London quote by 0.60 percent, using the October 20, 2026 price and the target in the same currency. Barclays had a higher GBp 4,780 target in the October 14 coverage cited by AskTraders, highlighting the spread between the cautious and more optimistic views.

Dates and valuation

Anglo American said on October 20, 2026 that the planned merger with Teck Resources remains subject to approval from China's antitrust regulator, with expected completion by March 2027. The company also kept its 2026 copper guidance unchanged and reduced Copper Peru unit-cost guidance to about 50 US cents per pound from 65 US cents, according to the production report.

On October 20, 2026 at 4:04 p.m. CEST, the stock was trading at EUR 45.90 at Lang & Schwarz. Its London-listed share price was GBp 3,873.00 at 3:12 p.m. London time, while the quoted 52-week range was GBp 2,639.00 to GBp 4,643.80. Market capitalization stood at GBP 41.5 billion on October 20, 2026.

Stock position and market context

Anglo American's London listing carries the ticker AAL and is part of the FTSE 100. The company is reshaping its portfolio around copper, premium iron ore and crop nutrients while progressing the sale of its steelmaking coal and nickel businesses.

Price and investor perspective

The analyst target, production figures and portfolio milestones point to two competing readings of Anglo American. JPMorgan's target increase supports a less cautious view than its former Underweight rating, while the 5.00 percent copper decline shows the operational sensitivity to weather and ore grades.

The stock was trading at EUR 45.90 at Lang & Schwarz on October 20, 2026 at 4:04 p.m. CEST. The further course of trading is shown by the continuously updated real-time quote of Anglo American stock.