Berenberg Lifts Anglo American Price Target as Teck Resources Merger Nears Completion

10:24 AM EST, 12/17/2025 (MT Newswires) -- Berenberg raised its price target for Anglo American (AAL.L, AGL.JO) to 34 pounds sterling from 31 pounds, while maintaining the stock's buy rating, as the mining giant moves closer toward completing its merger-of-equals deal with Canada's Teck Resources in 2026. "Once the deal has closed, we expect Anglo to become one of the largest global copper miners. Operationally, we expect a cut to copper guidance after the company telegraphed that guidance was under review due to weaker volumes at Collahuasi (Chile); we stand at 712kt for 2026, versus previous guidance of 760-820kt. On the simplification strategy, 2026 should be a busy year," the research firm said in its Mining Outlook 2026 report published Wednesday. "We expect to see a deal announced to sell the metallurgical coal business after the previous sale fell through in 2025 due to a dispute with Peabody Energy ... We also look for European antitrust approval for the sale of the nickel business (USD350m in proceeds) and updates on the divestment of De Beers, which we remain sceptical about." Analysts also lowered their 2025 and 2026 EPS estimates for Anglo American by 57.2% and 6.7%, respectively, amid a model update and negative revisions related to De Beers and the company's metallurgical coal business. For 2027, the projected EPS was upwardly revised by 21.2%.