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Antofagasta target price lifted on copper upside

Bernstein has upped its target price for Antofagasta (LSE:ANTO), saying that upside remained for the copper pure play despite a recent pull back in the share price.

Antofagasta target price lifted on copper upside Antofagasta target price lifted on copper upside Antofagasta target price lifted on copper upside Antofagasta target price lifted on copper upside Antofagasta target price lifted on copper upside

Antofagasta's Los Pelambres copper operation is at the bottom half of the global cash cost curve

The bank increased the target price to £11 (US$14.47) per share from the previous £10/share and also retained the "outperform" rating, noting that copper was still one of its favoured commodities and, as a copper pure play, Antofagasta was poised to benefit from the upside seen in the commodity.

Antofagasta's share price fell 27% from the start of 2018 to a year-to-date low of £7.27/share on October 24, but has rec...