Antofagasta upgraded to Equal Weight from Underweight at Barclays

Barclays upgraded Antofagasta (ANFGF) to Equal Weight from Underweight with a price target of 2,000 GBp, up from 1,500 GBp. The firm says higher copper prices are needed to incentive supply. Materially higher copper prices – potentially well in excess of $5/lb – are required for a considerable period to incentivise boards to approve the next generation of brownfield copper expansions in traditional base, the analyst tells investors in a research note.