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Peel Hunt: Antofagasta (Buy) - Adjustment of target price




Peel Hunt


14 Apr 2014





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Antofagasta (Buy) Adjustment of target price We adjust our target price for Antofagasta downwards, to 928p, because of an unusually high dividend distribution and lower than anticipated earnings for 2013. Lower earnings were largely as a result of a higher tax bill associated with the withholding taxes on dividends, with the net effect being a lower cash balance and higher tax charges. This has resulted in our revising our target price downwards while maintaining our Buy recommendation.

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