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.
Claim 55% Off TipRanks
- Unlock hedge fund-level data and powerful investing tools for smarter, sharper decisions
- Discover top-performing stock ideas and upgrade to a portfolio of market leaders with Smart Investor Picks
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on ANFGF:
- Antofagasta upgraded to Buy from Hold at Canaccord
- Antofagasta: Solid Delivery but Limited Upside Leaves Valuation Stretched, Justifying Sell Rating
- Antofagasta Plc Signals Robust Growth In Earnings Call
- Antofagasta Posts Record EBITDA and Boosts Payout as Growth Projects Peak
- Antofagasta price target raised to 4,400 GBp from 4,000 GBp at JPMorgan