Antofagasta PLC (LSE:ANTO) was on the rise after Barclays gave the Chilean miner a double upgrade and a new price target of 1,600p.
Worries about a tougher regulatory regime in Chile have seen Antofagasta shares shed 34% of their value since May 2021, but Barclays does not see the miner materially affected or being nationalised.
A new royalty levy has also been materially watered down from the original proposal notes the broker.
“With the stock at 10-year lows on spot P/NPV (price to net present value), pricing in the lowest copper price of global peers, having the highest short interest in the sector and having the potential for copper to be squeezed higher short term, we double upgrade ANTO from Underweight to Overweight and raise our price target to 1600p.”
Shares rose 1.9% to 1,370p