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Investing.com - Berenberg has upgraded Atalaya Mining Plc. (LON:ATYM) from Hold to Buy and raised its price target to GBP7.60 from GBP6.30, citing potential catalysts that could drive the stock higher.
The copper mining company’s shares have surged approximately 80% year-to-date, benefiting from a 20% rise in copper prices amid tight market conditions, according to Berenberg’s analysis.
Atalaya Mining has delivered solid operational performance this year with strong cash flow generation, while also gaining from index buying following a corporate redomicile that resulted in its inclusion in the FTSE 250.
Berenberg has adjusted its model following Atalaya’s recent Q3 results and increased its EV/EBITDA multiple to 8x from 6x, reflecting the current market premium for copper equities.
The shares are currently trading at 1.19x NAV and 4.5x 2026E EBITDA, with Berenberg’s new price target offering 17% upside potential.
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