MARKET TALK: Citigroup Ups Antofagasta To Buy From Hold

9th Jul 2010 08:07

0707 GMT [Dow Jones] Citigroup upgrades Antofagasta (ANTO.LN) to buy from hold and target to 1200p from 1160p. Says the valuation is too low, and attractive, given the company's commodity exposure and financial strength. Notes Antofagasta has successfully delivered its flagship Esperenza project, which should shift the company into the top 5 global copper producer league by '12. Reckons Antofagasta will generate over $8B of free cash flow over the next three years, meaning that the growth story in the stock is amongst the most robust in the sector. Also notes Citi's commodities team has increased its long-term copper price forecast. Shares +2.5% at 873p. ([email protected]) Contact us in London. +44-20-7842-9464 [email protected] (END) Dow Jones Newswires July 09, 2010 03:07 ET (07:07 GMT)