London, Feb 8, 2026, 08:13 GMT — Market is shut.
- Anglo American ended Friday at 3,435 pence, slipping 0.75%.
- BofA dropped its rating on the miner to “neutral,” pointing to concerns over valuation and execution risk.
- Attention now turns to Feb. 20, when De Beers posts results and provides updates on deals and disposals.
Shares of Anglo American slipped on Friday, finishing the session at 3,435 pence, down 0.75%. Analysts at BofA Global Research cut their rating on the miner to “neutral”, citing what they described as a stretched valuation and delays before any overhaul-driven catalysts materialize. London markets remained closed on Sunday. London Stock Exchange
Timing is crucial here. Anglo is moving to refocus on copper at a moment when investors have bid up prices for the metal’s electrification potential. Even so, legacy units—diamonds, coal—continue to absorb management attention and capital.
That sets up a tight window for the stock once trading picks back up: investors want better execution, sharper timelines, and no more unexpected accounting moves. The company’s full-year results, due Feb. 20, will give the next concrete update.
BofA bumped its price target up to 3,600 pence from 3,500, though analysts noted that the recent rally has already soaked up most of the potential gains. The broker cited a hefty “sum-of-the-parts” valuation—each business assessed on its own—and highlighted the low free cash flow yield expected in the short term. There’s also a lengthy wait ahead before any Teck-related synergies start to materialize.
The bank pointed out the complications, highlighting the uncertain valuation and the challenge of separating De Beers—which sits at roughly $4 billion on Anglo’s books. It also referenced the aborted coking coal sale to Peabody, derailed by an ignition event at Moranbah, and said the sales process had to kick off again as a result.
Others aren’t hitting the brakes. Deutsche Bank stuck to its Buy call and kept the 3,500p price target, pointing to copper volumes expected to rebound, with planned disposals moving ahead—even as near-term production tweaks play out. Analyst Liam Fitzpatrick flagged 2028 potential hinging on stronger grades at the Chilean sites, “due to higher grades at Collahuasi and Los Bronces.” Meanwhile, the coking coal sale is “progressing well,” the note added. Proactiveinvestors NA
Anglo’s latest updates landed earlier this week. The miner lowered its copper output target for 2026 to 700,000–760,000 tonnes, down from 760,000–820,000, pointing to weaker output at Chile’s Collahuasi mine, which it co-owns. De Beers is under review too, after rough diamond production for 2025 dropped; the company also shaved its 2026 De Beers guidance to 21–26 million carats from the previous 26–29 million range, blaming sluggish demand and stubbornly full inventories. Anglo is sticking to its plan for a $53 billion all-stock, nil-premium merger with Teck Resources of Canada.
Anglo CEO Duncan Wanblad said the company will temporarily bring a second Los Bronces plant back online, pointing to “a strong copper price environment” and tighter cost controls as reasons for the move. The restart aims to counterbalance softer grades at Collahuasi. For the first time, Anglo rolled out copper production guidance through 2028, setting a range of 790,000–850,000 tonnes. The company flagged, however, that output hinges on water availability. angloamerican.com
Looking to the week, traders are eyeing potential regulatory cues tied to the Teck transaction, as well as updates on both the De Beers separation and the coal process. Copper price action continues to steer daily sentiment, yet outsized moves could easily be triggered by headlines unique to individual companies.
This trade isn’t without risks. Should the De Beers review trigger a steeper write-down than investors are bracing for, or if asset sales stall yet again, that could leave the balance sheet stuck in limbo. A weaker copper tape wouldn’t do any favors here either, particularly now that valuation has become more of a sticking point.
