Berenberg Bank Reiterates Antofagasta (ANFGF) Buy Recommendation

Berenberg Bank reiterated a Buy recommendation for Antofagasta (OTCPK:ANFGF) on November 7, 2025, setting an average one-year price target of $32.40/share, which implies a 19.10% upside from its latest reported closing price of $27.20. This positive analyst view is presented despite projections for a 17.21% decrease in annual revenue to $6.174 billion and an annual non-GAAP EPS of $0.76. Institutional sentiment appears mixed, with a slight increase in the number of funds holding positions, yet a 12.12% decrease in total shares owned by institutions over the last quarter.

Analysis

Berenberg Bank reiterated a "Buy" recommendation for Antofagasta (OTCPK:ANFGF) on November 7, 2025, with an average one-year price target of $32.40/share. This target implies a 19.10% upside from its $27.20 closing price, suggesting strong analyst confidence despite market volatility.

This bullish stance contrasts with projected annual revenue decreasing by 17.21% to $6,174 million and a non-GAAP EPS forecast of $0.76. This divergence between a "Buy" rating and declining financial projections suggests the recommendation may be based on factors beyond immediate top-line growth, possibly future commodity price expectations.

Institutional sentiment appears mixed; while the number of funds holding Antofagasta increased by 1.34% to 303, total shares owned by institutions decreased by 12.12% over the last three months. Despite this reduction in overall shares, the average portfolio weight dedicated to ANFGF increased by 2.81% to 0.34%, indicating a strategic re-evaluation and increased allocation by some existing holders.

Key Decisions for Investors

• Investors should critically assess the drivers behind Berenberg's "Buy" recommendation, given the projected 17.21% revenue decrease and $0.76 EPS, focusing on potential long-term commodity price outlooks or operational efficiencies.
• Monitor the mixed institutional sentiment, specifically the increase in fund participation versus the decrease in total shares owned, alongside the rising average portfolio allocation, to understand evolving conviction among large investors.
• Consider Antofagasta's exposure to commodity cycles, particularly copper, as future performance will likely be heavily influenced by global supply-demand dynamics rather than immediate financial projections.