JPMorgan analyst Patrick Jones downgraded Antofagasta (ANFGF) to Neutral from Overweight with a price target of 3,200 GBp, down from 4,400 GBp. The firm says events in the Middle East bring risks that are not adequately discounted into the shares of European metals and mining stocks. The analyst reversed JPMorgan’s previously positive view on the group and turns negative. It introduced a downside scenario for copper and iron ore as a new base case.
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