The stock of Antofagasta plc (LON:ANTO) gapped up by GBX 2.5 today and has GBX 706.62 target or 3.00% above today’s GBX 686.04 share price. The 6 months technical chart setup indicates low risk for the GBX 6.80 billion company. The gap was reported on Nov, 23 by Barchart.com. If the GBX 706.62 price target is reached, the company will be worth GBX 204.00 million more.
Gaps up are useful for using as a support level and to some extent as a tradeable event. If investors already hold the stock and experience a price gap up, then its usually a good idea to hold the stock for a stronger up move. Back-tests of these patterns indicate that two-thirds of the times the stock performance improves after the gap. The area gaps close 89% of the time, the breakaway gaps, 2%, the continuation gaps 4% and the exhaustion gaps 61%. The stock decreased 2.27% or GBX 15.96 on November 23, hitting GBX 686.04. About 3.27 million shares traded hands. Antofagasta plc (LON:ANTO) has risen 46.41% since April 27, 2016 and is uptrending. It has outperformed by 41.08% the S&P500.
Antofagasta plc (LON:ANTO) Ratings Coverage
Out of 29 analysts covering Antofagasta PLC (LON:ANTO), 4 rate it a “Buy”, 13 “Sell”, while 12 “Hold”. This means 14% are positive. GBX 1025 is the highest target while GBX 250 is the lowest. The GBX 507.65 average target is -26.00% below today’s (GBX 686.04) stock price. Antofagasta PLC has been the topic of 256 analyst reports since July 23, 2015 according to StockzIntelligence Inc. The stock of Antofagasta plc (LON:ANTO) has “Hold” rating given on Thursday, July 7 by Jefferies. The stock has “Buy” rating given by Peel Hunt on Wednesday, January 27. The firm earned “Sell” rating on Tuesday, March 29 by Goldman Sachs. The rating was maintained by BNP Paribas on Thursday, August 20 with “Outperform”. Barclays Capital maintained Antofagasta plc (LON:ANTO) on Thursday, May 5 with “Equal Weight” rating. The stock of Antofagasta plc (LON:ANTO) has “Hold” rating given on Monday, August 8 by Peel Hunt. On Thursday, October 27 the stock rating was maintained by Barclays Capital with “Equal Weight”. The company was maintained on Monday, November 9 by Bernstein. Jefferies maintained the shares of ANTO in a report on Monday, April 18 with “Hold” rating. HSBC maintained it with “Hold” rating and GBX 580 target price in Wednesday, September 23 report.
Another recent and important Antofagasta plc (LON:ANTO) news was published by Bloomberg.com which published an article titled: “Years-Long Copper Glut Can Still Flush Out Deals for Antofagasta” on September 15, 2016.
Antofagasta plc is a copper mining company. The company has a market cap of 6.80 billion GBP. The Firm is engaged in by-product production and has interests in transport. It has a 2995.79 P/E ratio. The Company’s divisions include Los Pelambres, Centinela, Michilla, Antucoya, Zaldivar, Exploration and evaluation, Railway and other transport services, Mining, Water concession, and Corporate and other items.
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