Berenberg keeps Buy on Antofagasta stock at GBP 46.00

Published on 10/05/2026 at 13:05 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

H1 2026 EBITDA rose 27 percent to USD 2.84 billion. Antofagasta stock costs EUR 44.75 on October 5, 2026 after EUR 44.98.

Trader in modernem Handelsraum vor großen FTSE-100-Kursanzeigen in London — Börsen-Editorialfoto vom Handelsraum in London mit FTSE-100-Kursanzeigen symbolisiert die Notierung von Antofagasta plc GB0000456144, Illustration mit AI erstellt.

Antofagasta (GB0000456144) has a GBP 46.00 Berenberg target behind it, while the Lang & Schwarz price was EUR 44.75 on October 5, 2026. According to Investing.com on September 30, 2026, Berenberg maintained its Buy rating and raised its target from GBP 44.00 to GBP 46.00. The stock was down 0.51 percent versus the Lang & Schwarz prior close of EUR 44.98.

Target rises as output falls

The analyst move contrasts with Antofagasta's operational setback. ABC Money reported that full-year 2026 copper production guidance was cut to 625,000-655,000 tonnes from 650,000-700,000 tonnes after severe weather disrupted Los Pelambres. The midpoint fell from 675,000 tonnes to 640,000 tonnes, a reduction of 5.19 percent.

The same ABC Money report said revenue increased 18 percent to USD 4.50 billion in the first half of 2026, while EBITDA rose 27 percent to USD 2.84 billion. The EBITDA margin reached 63.40 percent, up from 58.40 percent in the first half of 2025.

Profit strength meets weather risk

Management's numbers show why the analyst case remains divided between earnings quality and mine execution. In the first half of 2026, operating cash flow increased 53 percent and net cash costs declined 8 percent year over year, according to Yahoo Finance.

The company kept full-year net cash cost guidance at USD 1.15 to USD 1.35 per pound. It also said the Centinela second concentrator and Los Pelambres growth projects remain on track for commissioning in 2027, with the program intended to increase copper volume by 30 percent after completion.

London valuation stays below high

On the London Stock Exchange, Antofagasta was last at GBp 3,779 on October 5, 2026 at 12:04 p.m. BST. The 52-week range was GBp 2,496 to GBp 4,475, placing the price 15.55 percent below the high. Market capitalization stood at GBP 37.3 billion on the same date.

For investors, the central comparison is clear: first-half EBITDA rose 27 percent, but the full-year copper midpoint fell 5.19 percent. The further course of trading is shown by the continuously updated real-time quote of Antofagasta stock.