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Anglo American and Antofagasta Upgrade at UBS Boosts European Miners

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Anglo American and Antofagasta saw significant gains in the European stock market on Friday, following upgrades to their ratings by UBS.

Anglo American

Anglo American shares (AAL, +7.05%) surged by 7% after UBS raised its rating from neutral to buy while maintaining its price target. Analysts, led by Myles Allsop, commented on the positive outlook, stating, “We believe the risk/reward is now attractive with Anglo. The company is expected to benefit from improving copper prices in 2024/25, resilient iron ore and met-coal prices, as well as recovering PGM and rough diamond prices.”

Antofagasta

Antofagasta shares (ANTO, +4.37%) rose by 5% after UBS also upgraded the miner to buy from neutral. According to analysts led by Daniel Major, Antofagasta is set for superior earnings growth compared to its peers, thanks to a combination of organic volume growth and unit cost improvement. The price target for Antofagasta was increased to £17 per share from £16.

European Stock Indexes

The major European stock indexes experienced gains following the significant surge in the Dow Jones Industrial Average (DJIA) by 520 points. The German DAX (DX:DAX), French CAC 40 (FR:PX1), and U.K. FTSE 100 (UK:UKX) all registered gains ranging between 0.6% and 0.9%.

Outlook

As investors await remarks from Fed Chair Jerome Powell and key manufacturing data, U.S. stock futures remain steady. The market anticipates further developments that could impact the stock market’s performance.

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