Berenberg Analyst Upgrade: Target Price Raised to GBp 2,300

Berenberg has raised its target price on ACG Metals to GBp 2,300 (from GBp 2,100), reflecting growing confidence in both the copper outlook and our positioning within it.

Key drivers behind the upgrade:

  • Stronger copper demand driven by electrification, AI and decarbonisation
  • Tight supply and low inventories continuing to support pricing
  • Current market valuations not yet reflecting copper’s structural supply deficit

With first copper production on track for August 2026, we are entering production at a time of increasingly supportive market conditions, positioning us well to capture the upside.

 

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