Analysts also said the stock is expensive after outperforming peers and has limited support from growth or dividends but maintained the target price at 900p.
“We do not see a clear company-specific catalyst to trigger a de-rating of ANTO near-term, though medium-term falling grades will increase unit costs, high capex will constrain free cash flow/ dividends, and taxation changes in Chile remain a tail risk,” they commented.
“The stock offers little apart from 'clean' copper price exposure making it vulnerable when the copper price consolidates.”
The bank noted the mining giant has a robust balance sheet, a reasonable cost position and low risk growth options which, combined with reliable management and predictable guidance, has resulted in the stock trading at a premium to peers.
Shares rose1% to 1,090.5p on Monday morning.