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Anglo American's fair value estimate has been nudged to £35.09 per share from £35.05, a small adjustment that still matters if you are tracking where analysts think the shares should sit. That change reflects a tug of war between bullish commentators, who highlight the potential of the approved Teck merger and higher targets up to £43.00, and more cautious voices that have trimmed their assumptions. Read on to see how these moves fit together and how you can keep on top of the evolving narrative around the stock.

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What Wall Street Has Been Saying

🐂 Bullish Takeaways

• Several firms, including Barclays, Deutsche Bank, DZ Bank and Berenberg, have issued Buy or Overweight ratings on Anglo American, signaling confidence in the current valuation relative to their price targets in the £38.50 to £43.00 range.

• DZ Bank raised its price target to £43.00 from £29.00, explicitly linking its more positive stance to the proposed merger with Teck, which it views as an important driver for the investment case.

• Barclays and Deutsche Bank have both lifted their targets into the mid £30s, reflecting a view that Anglo American has scope to create value if it executes on its project pipeline and integration plans.

🐻 Bearish Takeaways

• JPMorgan has shifted from a previously positive view to an Underweight rating, cutting its price target to £28.00 and building in a downside scenario for copper and iron ore as its new base case.

• Berenberg trimmed its target to £39.00 from £42.00 in early March, indicating that some prior assumptions are being revisited even where the firm still maintains a Buy rating.

Do your thoughts align with the Bull or Bear Analysts? Perhaps you think there's more to the story. Head to the Simply Wall St Community to discover more perspectives!

See how Anglo American's fair value stacks up across multiple valuation models — not just analyst targets.

What's in the News

• Anglo American plans to delist 1,178,050,272 ordinary shares of US$0.6239 each from the SIX Swiss Exchange, citing low trading volumes and the regulatory burden of multiple secondary listings. The delisting is expected to take effect on June 26, 2026.

• Following completion of the proposed Teck merger, subject to approvals, the company intends to maintain listings in London, Johannesburg, Toronto and New York.

• Angola is seeking a 20% to 30% equity stake in De Beers, currently 85% owned by Anglo American, with state owned Endiama and diamond trader Sodiam expected to hold the stake and producer countries discussing a common approach.

• Anglo American issued production guidance through 2028 and reported full year 2025 output that included 695 kt of copper, 60.8 Mt of iron ore and 21.7 Mct of diamonds, alongside manganese ore, steelmaking coal and nickel volumes.