Berenberg upgrade lifts Antofagasta stock after guidance cut

Published on 09/16/2026 at 18:47 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Antofagasta stock is recovering on September 16, 2026 after Berenberg upgraded the copper miner to Buy with a 4,400 pence target. The move follows an August 13, 2026 guidance cut that weighed on the shares and the FTSE 100 index.

Schwarzweiß-Dokumentarfoto von Bergarbeitern mit Helmen an einer Bohranlage im Tagebau — Schwarzweiß-Reportagefoto von Bergarbeitern an Fördertechnik illustriert Antofagasta plc GB0000456144 im chilenischen Kupferbergbau dokumentarisch, Illustration mit AI erstellt.

Antofagasta stock (ISIN GB0000456144) is trading firmer on September 16, 2026 as investors digest a fresh Buy recommendation from Berenberg alongside recent guidance revisions from the Chile-focused copper producer.

Broker upgrade targets 4,400 pence

According to Ad-hoc-news on September 15, 2026, Berenberg upgraded Antofagasta from Hold to Buy while maintaining a price target of 4,400 pence per share.

As Ad-hoc-news reports, this target implied roughly 23 percent upside versus Antofagasta’s London closing price of 3,586 pence on September 14, 2026, giving investors a quantified sense of potential rerating if copper prices stabilize.

The same overview notes that Antofagasta shares had fallen about 12 percent over the preceding week as copper spot prices retreated, underscoring how commodity volatility can quickly compress equity valuations for miners focused on a single metal, according to Ad-hoc-news.

Guidance cut and operational backdrop

Beyond the broker move, the recent operational narrative remains central for Antofagasta stock. As MarketBeat summarizes, Antofagasta cut its outlook in August 2026, with headlines such as the FTSE 100 falling to a two-week low on August 13, 2026 after the company reduced guidance for the year.

According to the same MarketBeat feed, Antofagasta had previously affirmed its full-year guidance in mid-July 2026, even as first-half copper production fell 9.5 percent versus the prior year, illustrating how weather disruptions and project ramp-ups can create tension between volume trends and management targets.

In earlier communication around April 15, 2026, Antofagasta said copper output fell about 8 percent in the first quarter compared with the prior year but still topped consensus expectations, while reiterating confidence in meeting 2026 production goals, as captured by MarketBeat.

Price action on London Stock Exchange

On the London Stock Exchange, Antofagasta stock trades under the ticker ANTO in pence. Per a closing snapshot for the prior session on September 15, 2026, Antofagasta finished at 3,501.00 pence, down 2.2 percent on the day with an intraday range between 3,539.00 and 3,754.00 pence, according to Ad-hoc-news.

For investors tracking liquidity and longer-term position sizing, the ANTO line sits within a 52-week range from 2,254.00 pence to 4,475.00 pence, while the group’s market capitalization stood around GBP 35.4 billion as of September 16, 2026, based on data from Bolsamania.

During the September 16, 2026 session, a real-time snapshot placed Antofagasta shares at 3,594.00 pence, up 2.66 percent on the day with a daily range between 3,582.00 and 3,647.00 pence as the stock moved in step with the FTSE 100 after the prior day’s setback, per the same Bolsamania data.

Analyst sentiment and risk factors

Analyst views on Antofagasta remain mixed despite the Berenberg upgrade. Bernstein maintained a Hold rating on the stock in mid-September 2026, with the shares closing at 3,586.00 pence around the time of its note, while Barclays also held a neutral stance earlier in the month, according to The Globe and Mail.

As MarketBeat notes, Berenberg’s decision to move to Buy following a copper selloff reflects an argument that the recent drawdown created a more attractive entry point relative to the long-term fundamentals of copper demand and Antofagasta’s asset base.

Risk-wise, recent weather-related disruptions at operations such as Los Pelambres in northern Chile and the sensitivity of earnings to copper price swings remain key considerations, as highlighted in coverage collated by MarketBeat.

Stock level and investor perspective

As of September 16, 2026, Antofagasta stock is trading around 3,594.00 pence on the London Stock Exchange, placing it roughly 19.7 percent below the cited 52-week high of 4,475.00 pence and comfortably above the 52-week low of 2,254.00 pence, based on aggregated portal data. For investors, the combination of a Berenberg Buy rating with a 4,400 pence target and a recent guidance cut framed by volatile copper prices defines the current risk-reward balance.