- Anglo American
- 18 June 2026 12:03:07
Source: Sharecast
The bank, which maintained its 4,200p price target on the stock, said it was updating its Anglo American model for its revised price deck, making some adjustments in terms of diamond prices and costs, and increasing costs in its metallurgical coal model.
"We like the AngloTeck story in the long term, and think that there is clear scope for share price appreciation as the market better understands the financial metrics of the combined business," it said. "In the short term, we are below H1 consensus estimates and see scope for a slight market disappointment with its H1 results, with a number of the non-core assets underperforming.
"We move to gold for now, and take profits."
In the note, Berenberg said it continues to advocate an ‘overweight’ position in mining and thinks that the market volatility has created disconnections in commodity and equity performance versus fair value and, as a result, opportunities to create alpha.
In the base metals space, Berenberg said that while it likes Antofagasta, it remains at ‘hold’ and sees better upside in H2 2027 when the growth is imminent. The bank’s favoured copper names are Boliden, ACG Metals and Atalaya Mining.
It upgraded Central Asia Metals to ‘buy’ from ‘hold’, taking the view that the shares are cheap, offer NAV accretion from the Cygnus Metals deal and that it could even be a bid target itself.
As far as gold stocks are concerned, Berenberg said it continues to like Endeavour Mining and Wheaton Precious Metals in the large-caps - the latter benefiting from inflation protection - and Pan African Resources and Resolute Mining in the small and mid-caps.