JPMorgan upgrades Anglo American stock to Neutral. Euro quote falls 2.64 percent
Published on 10/15/2026 at 11:12 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWSAnalyst caution meets operating risk
- JPMorgan raised Anglo American's target to GBp 3,850 from GBp 3,350 in its latest note.
- Brazilian nickel underlying EBITDA fell to USD 18.00 million in the first half of 2026 from USD 43.00 million.
- Anglo American stock trades at EUR 46.83 at 11:07 a.m. CEST at Lang & Schwarz on October 15, 2026, 2.64 percent below the Xetra close of October 14, 2026.
Anglo American (ISIN GB00BTK05J60) was trading at EUR 46.83 at Lang & Schwarz on October 15, 2026 at 11:07 a.m. CEST, down 2.64 percent versus the Xetra close of October 14, 2026 at EUR 48.10. On October 14, 2026, JPMorgan upgraded Anglo American to Neutral from Underweight and raised its price target to GBp 3,850 from GBp 3,350, AskTraders reported.
Operating risk still centers on nickel
Anglo American's Brazilian nickel operations generated USD 18.00 million of underlying EBITDA in the first half of 2026, down from USD 43.00 million in the same period of 2025. Nickel production also fell to 18,200 tonnes from 19,300 tonnes, a 6 percent decline, as maintenance affected the Barro Alto and Codemin facilities, according to The Deep Dive.
The figures give JPMorgan's more cautious stance a concrete counterweight to the higher targets issued by other brokers. AskTraders reported that Barclays raised its target to GBp 4,780 from GBp 4,500 on October 13, 2026, while Deutsche Bank lifted its target to GBp 4,700 from GBp 4,500 on October 7, 2026.
Three dates shape the setup
On September 16, 2026, the European Commission issued objections to the proposed nickel sale; on October 8, 2026, Anglo American warned that a blocked transaction could eventually force the assets into care and maintenance, according to The Deep Dive. On October 14, 2026, JPMorgan changed its rating to Neutral and set the GBp 3,850 target.
What comes next for production?
Anglo American lists its Q3 2026 Production Report for October 20, 2026 at 06:00 GMT. The European Commission is scheduled to decide on the nickel transaction by November 30, 2026, according to The Deep Dive. For investors, the report should clarify whether production and cost trends can offset the pressure visible in nickel.
Stock reaction puts the target gap in view
JPMorgan's GBp 3,850 target is below the GBp 4,700 level cited by Deutsche Bank and the GBp 4,780 Barclays target, showing a wide range of broker assumptions. Anglo American's 52-week range is EUR 30.30 to EUR 50.70, placing the current euro quote below its yearly high while the nickel dispute remains an operating risk.
Anglo American was trading at EUR 46.83 at Lang & Schwarz on October 15, 2026 at 11:07 a.m. CEST, down 2.64 percent versus the Xetra close of October 14, 2026 at EUR 48.10. The further course of trading is shown by the continuously updated real-time quote of Anglo American stock.
Anglo American stock facts
- Company: Anglo American plc
- ISIN: GB00BTK05J60
- WKN: A41BF3
- Ticker: AAL
- Primary exchange: London Stock Exchange
- Price Lang & Schwarz (as of October 15, 2026, 11:07 a.m. CEST): EUR 46.83
- Change versus Xetra close: minus 2.64 percent
- Xetra close (October 14, 2026): EUR 48.10
- Market capitalization: GBP 42.5 billion (as of October 15, 2026)
- 52-week range: EUR 30.30-EUR 50.70 (as of October 15, 2026)
- Sector / Industry: Basic Materials / Industrial Materials
Market context: Market report FTSE 100.
