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.

Disclaimer:This article represents the opinion of the author only. It does not represent the opinion of Webull, nor should it be viewed as an indication that Webull either agrees with or confirms the truthfulness or accuracy of the information. It should not be considered as investment advice from Webull or anyone else, nor should it be used as the basis of any investment decision.