BofA Cuts Antofagasta Price Objective, FY26 Forecasts Amid Copper Production Guidance Downgrade

08:09 AM EDT, 08/13/2026 (MT Newswires) -- BofA Global Research adjusted its price objective and estimates for Antofagasta (ANTO.L), taking into account the mining company's first-half results and downgraded 2026 copper production guidance, mainly due to the impact of adverse weather in Chile. The price objective was trimmed to 46 pounds sterling from 47 pounds, according to a Thursday note, while revenue, adjusted EBITDA and adjusted EPS estimates for 2026 were reduced. BofA also made some changes to its earnings forecasts for 2027 and 2028. Nonetheless, the research firm said its commodity team is bullish on copper, noting that Antofagasta is a "go-to" copper exposure for many investors in the Europe, Middle East and Africa region. "We like Antofagasta's low risk, high return volume growth story ... Bottom line expanding an existing operating mine is much lower risk than trying to build a new Greenfield mine. As such, we think that ANTO's +30% volume growth very much stands out vs. other 'blue-chip' copper mining peers," BofA said, maintaining the buy rating on the stock.