Deutsche Bank has raised price targets across its metals and mining coverage, with Anglo American and Glencore among the key beneficiaries, as a surging copper price drives earnings upgrades across the sector.
Analyst Liam Fitzpatrick lifted his target on Anglo American, the FTSE 100 diversified miner, from 4,500p to 4,700p, maintaining a Buy rating.
Anglo American is one of Deutsche Bank's top picks for the sector.
Glencore's target was raised from 630p to 680p, also with a Buy rating retained.
The commodity trading and mining giant is another of the broker's preferred names heading into 2027.
On the sell side, Deutsche Bank kept its Sell rating on Antofagasta, the London-listed copper miner, while lifting its target from 3,400p to 3,600p.
BHP's target moved from 2,700p to 2,900p, with the rating remaining at Hold.
Rio Tinto's target was nudged up from 7,400p to 7,600p, also on a Hold.
Fitzpatrick said the sector has performed strongly through the third quarter, driven primarily by copper's sharp price rise.
Rising bond yields and a stronger dollar have provided some headwind in recent weeks, but the broker remains constructive on the commodity's fundamentals.
Deutsche Bank now forecasts copper at $14,500 per tonne in 2027, up from a prior estimate of $12,500 per tonne.
The broker sees the potential for an acute supply squeeze over the coming quarters.
Aluminium forecasts were lifted to $3,050 per tonne from $3,000 per tonne, while iron ore was trimmed slightly to $98 per tonne from $100 per tonne.
Fitzpatrick noted that weak iron ore prices have turned mark-to-market earnings risk slightly negative for the diversified majors, while copper-focused names remain firmly in upgrade territory.
Deutsche Bank's spot 2027 EBITDA estimates for copper producers sit around 20% above consensus.
