UBS has moved ANFGF to a neutral rating after the stock delivered a 135% gain over the past year, significantly outpacing the copper price by roughly 90% over the same period. While the bank maintains confidence in Antofagasta’s long-term copper growth profile, it now sees limited upside from current levels and has lifted its 12-month target to 4,200p. UBS analysts note that the recent re-rating reflects market recognition of the company’s asset quality and cashflow generation, but caution that much of these fundamentals are already priced in.

ANFGF shares recently rallied to all-time highs in response to a robust fourth-quarter production report and a sharp rise in copper futures, which climbed 7% to $6.34 per pound. Investors rewarded the company’s Q4 output of 177,000 tonnes, marking a 9% sequential increase, while anticipating further gains as electrification and supply constraints tighten the global market. This combination of operational delivery and supportive commodity momentum underscores the stock’s short-term momentum.

For the full year, ANFGF delivered 653,700 tonnes of copper, aligning with the upper end of its guidance range and demonstrating resilience across its Chilean operations. The annual figure represents a modest uptick from the prior year, driven by higher grades at Centinela and strong performance at Los Pelambres. Management reiterated its commitment to sustaining cost discipline and advancing the Mantoverde expansion, which is expected to contribute additional annual throughput once commissioned. Investors will be watching capital allocation decisions closely as free cash flow generation accelerates.