RBC cuts target for Antofagasta stock to GBp 3,300.00

Published on 10/06/2026 at 12:47 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

EBITDA rose 27.00 percent to USD 2.84 billion in the first half of 2026. Antofagasta stock costs EUR 46.35 on October 6, 2026 after EUR 45.21.

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Antofagasta (ISIN GB0000456144) was trading at EUR 46.35 at Lang & Schwarz on October 6, 2026 at 12:42 p.m. CEST, plus 2.52 percent versus the prior close of EUR 45.21. According to Morningstar on October 6, 2026, RBC cut its Antofagasta price target from GBp 3,400.00 to GBp 3,300.00 and kept an underperform rating.

RBC lowers its copper price view

The target cut puts the latest analyst view below the London quote. Antofagasta was last at GBp 3,937.00 on the LSE on October 6, 2026 at 11:45 a.m. BST, leaving RBC's GBp 3,300.00 target 16.18 percent below that exchange quote.

The contrast is important for investors: the operating results have strengthened, but RBC's rating reflects the production outlook and the stock's elevated level within its yearly range.

First-half margin reaches 63.00 percent

In the first half of 2026, EBITDA increased 27.00 percent to USD 2.84 billion and the EBITDA margin reached 63.00 percent. Yahoo Finance also reported management's statement that operating cash flow rose 53.00 percent in the same period.

The company said its interim dividend was USD 0.301 per share, an increase of 80.00 percent to 81.00 percent from the prior year. Those figures show why margin and cash generation remain central to the Antofagasta investment case even as production guidance has narrowed.

Production guidance carries the risk

For full-year 2026, management expects copper production of 625,000 to 655,000 tons, according to Yahoo Finance. The range reflects severe winter weather at Los Pelambres and the resulting operational disruption during the first half of 2026.

Management said the Centinela second concentrator remains scheduled for commissioning in 2027, with the ramp-up planned for 2028. That timeline offers a quantified growth route, while the 2026 production range defines the near-term counterweight to the 27.00 percent EBITDA increase.

LSE range keeps the valuation in view

Antofagasta's market capitalization was GBP 38.8 billion on October 6, 2026, while the LSE 52-week range stood at GBp 2,496.00 to GBp 4,475.00. The Lang & Schwarz quote therefore sits inside the stock's documented annual range, with the current euro price up 2.52 percent against its EUR 45.21 prior close.

The further course of trading is shown by the continuously updated real-time quote of Antofagasta stock.