BUZZ-J.P.Morgan double upgrades Antofagasta on China stimulus hopes, shares rise

Shares of Antofagasta ANTO.L hit a peak since October 2024 and was last up 2.9% at 1,886.5 pence in early trade

Stock is top gainer on UK's blue-chip index .FTSE

J.P.Morgan double upgrades stock to "overweight" from "underweight", cites near-term boost in copper demand from China's additional fiscal stimulus announcement expected in March

Operational setbacks that constrained copper output in the last two years have been addressed and "copper guidance of 660-700kt appears achievable," brokerage says

The Chilean copper miner posted an 11% jump in annual core profit on Tuesday helped by higher copper prices

J.P.Morgan raises target price to 2,400 pence from 1,600 pence, representing a ~31% upside from last close

7 of 20 brokerages rate the stock "buy" or higher, 9 "hold" and 4 "sell" or lower; their median PT is 1,925 pence - LSEG data

Up to last close, ANTO up 15% YTD; stock fell 5% in 2024