AlphaValue/Baader Europe Ups Antofagasta Price Target, Forecasts Amid AI Market Concerns

11:22 AM EST, 11/03/2026 (MT Newswires) -- AlphaValue/Baader Europe raised its price target for Antofagasta (ANTO.L) to 27.28 pounds sterling from 27.06 pounds amid growing market concerns related to artificial intelligence, which is viewed as a key pricing catalyst for copper. "While Antofagasta's shares are down [more than] 25% from their 2026 record highs, in our opinion, the sell-off isn't complete yet," analysts wrote in a Tuesday note. "The fact that AI market concerns are on the rise again, this time led by debt markets; there's a growing surplus of the red metal - as per International Copper Study Group's recent monthly release; various output and cost risks loom large for the near term; the premium for relative valuation metrics has been reduced to 40% (vs. 50% earlier), and our SELL recommendation is reiterated." The research firm also increased its 2026 and 2027 EPS forecasts for the mining company by 6.62% and 12.4%, respectively, to $1.61 and $1.53, as it took into account the continued "strong" growth in copper prices.