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Analysts have nudged Anglo American’s fair value estimate from £36.53 to £36.80, a small shift that still matters if you are tracking where the stock might offer valuation support. This change sits against Street targets that range roughly from 2,800 GBp on the cautious side up to 4,000 GBp for the more optimistic brokers, reflecting a split view on risk and potential upside. Read on to see how to interpret these moving targets and keep up with the evolving narrative around Anglo American.

Stay updated as the Fair Value for Anglo American shifts by adding it to your watchlist or portfolio. Alternatively, explore our Community to discover new perspectives on Anglo American.

What Wall Street Has Been Saying 🐂 Bullish Takeaways

• Deutsche Bank has moved its price target on Anglo American from 3,600 GBp to 3,800 GBp and more recently to 4,500 GBp, which highlights a constructive view on valuation support and upside potential.
• Berenberg continues to carry Buy ratings while adjusting targets within a relatively tight band, from 4,200 GBp to 3,900 GBp and then 4,000 GBp, signalling that, in its view, execution and asset quality still justify a higher range than more cautious houses.
• Oddo BHF’s upgrade of Anglo American points to improving conviction around the company’s positioning, which investors may see as reinforcement for a more optimistic long term thesis.

🐻 Bearish Takeaways

• JPMorgan has shifted Anglo American to Underweight from Neutral with a 2,800 GBp target and later cited events in the Middle East and a new downside scenario for copper and iron ore, framing a more cautious stance on both execution risk and commodity exposure.
• CIBC’s reference to the proposed merger with Anglo American in the context of Teck Resources, along with a Tender rating on Teck, underlines that some analysts are focused on deal risk and regulatory timelines rather than pure upside on Anglo American’s standalone valuation.

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

• Anglo American reported first quarter 2026 production, including 170,400 tonnes of copper, 15.2 Mt of premium iron ore, 759,100 tonnes of manganese ore, 7.1 Mct of diamonds, 1.5 Mt of steelmaking coal and 9,100 tonnes of nickel.
• The company reiterated unchanged 2026 production guidance, with expected copper output of 700 kt to 760 kt, premium iron ore of 55 Mt to 59 Mt and diamonds of 21 Mct to 26 Mct.
• Anglo American confirmed that SIX Swiss Exchange Regulation approved the delisting of its 1,178,050,272 ordinary shares from the SIX Swiss Exchange, with the last trading day expected on 25 June 2026 and the delisting effective on 26 June 2026.
• The company highlighted a 15 May 2026 ruling by Chile's Second Environmental Tribunal related to the Collahuasi copper mine, and reported that Collahuasi is seeking clarification on the scope and operational impact of the decision.

How This Changes the Fair Value For Anglo American

• Fair value moved from £36.53 to £36.80, reflecting a small adjustment to the model output.
• Revenue growth assumption is held at about 5.43%, with no change to projected dollar revenue growth.
• Net profit margin assumption shifted from about 14.96% to about 13.84% relative to future dollar sales.
• Future P/E multiple moved from roughly 17.1x to about 18.8x on expected earnings.
• Discount rate moved from 9.80% to about 9.78%, indicating a marginal adjustment to the risk input.

Never Miss an Update: Follow The Narrative

Narratives connect Anglo American’s business story to analyst forecasts and fair value, so you can see how production plans, projects and risks map into the numbers. They refresh as new research, guidance and events are factored in.

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

• How the planned exit from thermal coal, PGMs and diamonds, together with a greater focus on copper and premium iron ore, ties into electrification and decarbonization demand.
• The role of cost savings, portfolio reshaping and major copper and iron ore projects such as Quellaveco, as well as premiumization initiatives, in reshaping margins and cash generation.
• Key risks around production reliability at mines like Collahuasi, potential delays in selling discontinued assets such as De Beers, and ongoing exposure to South African rail and port infrastructure constraints.

This article by Simply Wall St is general in nature. We provide commentary based on historical datan 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 yourn financial situation. We aim to bring you long-term focused analysis driven by fundamental data.n Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material.n Simply Wall St has no position in any stocks mentioned.

Companies discussed in this article include AAL.L.

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