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Analysts have lifted their Fair Value estimate for Anglo American from £33.82 to £35.05 per share, while Street price targets now range from cautious levels such as 2,800 GBp to more optimistic bands around £38.50 to £43.00. These shifts reflect a split narrative, with some firms leaning into the potential of the Teck merger and others focusing on macro and commodity risks that point to less generous targets. Read on to see how to interpret this evolving analyst story and what to watch as new research comes through.

Analyst Price Targets don't always capture the full story. Head over to our Company Report to find new ways to value Anglo American.

What Wall Street Has Been Saying 🐂 Bullish Takeaways

• Several firms, including Barclays, Deutsche Bank and Berenberg, have issued higher price targets in recent months, with figures such as 3,600 GBp and 3,900 GBp that sit above the more cautious targets on the Street.
• DZ Bank moved Anglo American to Buy with a price target of 4,300 GBp, citing a positive view on the proposed merger with Teck, which CIBC also highlights after Canadian approval of the deal.
• Barclays keeps an Overweight stance while lifting its target to 3,850 GBp, indicating confidence in Anglo American’s ability to execute on its current portfolio and the planned combination with Teck.

🐻 Bearish Takeaways

• JPMorgan cut its price target to 2,800 GBp and shifted Anglo American to Underweight, pointing to Middle East related risks for European metals and mining stocks and presenting a downside scenario for copper and iron ore as its new base case.

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!

LSE:AAL 1-Year Stock Price Chart

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

What's in the News

• Angola is in talks to acquire a 20% to 30% equity stake in De Beers as Anglo American moves ahead with the sale of its 85% interest, alongside discussions with Botswana, South Africa, and Namibia on a joint approach to the transaction.
• Anglo American reported fourth quarter 2025 production that included 170 kt of copper, 15.1 Mt of premium iron ore, 909 kt of manganese ore, 3.8 Mct of diamonds, 2.1 Mt of steelmaking coal, and 10.3 kt of nickel, with full year 2025 volumes also disclosed across these commodities.
• Updated guidance sets copper production expectations for 2026 to 2028 in ranges from 700 kt to 850 kt and premium iron ore from 55 Mt to 63 Mt, with diamonds guided between 21 Mct and 26 Mct for 2026.
• GRANGEX AB announced a commercial agreement with Anglo American related to restarting the Sydvaranger mine in Northern Norway, including termination of a US$37,000,000 royalty at final investment decision, potential debt participation, and an ESG advisory committee to review tailings options.

How This Changes the Fair Value For Anglo American

• Fair Value estimate adjusted from £33.82 to £35.05 per share.
• Revenue growth assumption moved from a 7.12% decline to 3.06% growth.
• Net profit margin assumption set at 13.99%, compared with the prior 21.30%.
• Future P/E assumption revised from 19.29x to 18.67x.
• Discount rate updated from 9.46% to 9.63%.

Never Miss an Update: Follow The Narrative

Narratives connect Anglo American's business story to analyst forecasts and fair value estimates, so you can see how headlines translate into numbers. They refresh as new data, guidance, and research come through.

Head over to the Simply Wall St Community and follow the Narrative on Anglo American to stay up to date on:

• How exiting thermal coal, PGMs and diamonds, and focusing on copper and premium iron ore could reshape Anglo American's earnings mix around electrification and decarbonization demand.
• The impact of cost savings, digitalization, and major copper projects like Quellaveco and the Los Bronces Andina plan on operating efficiency and production options.
• Key risks such as production challenges at mines like Collahuasi, delays in selling assets like De Beers, and exposure to South African logistics constraints.

This article by Simply Wall St is general in nature. We provide commentary based on historical data
and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your
financial situation. We aim to bring you long-term focused analysis driven by fundamental data.
Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material.
Simply Wall St has no position in any stocks mentioned.

Companies discussed in this article include AAL.L.

Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com