Jefferies Cuts Rio Tinto, BHP Group, Glencore, Antofagasta Share Price Targets – Here’s Why

Jefferies revised its price targets downward for four major mining companies: Rio Tinto (LON: RIO), BHP Group (LON: BHP), Glencore (LON: GLEN), and Antofagasta (LON: ANTO).

In a recent note to clients, the firm cited a cautious outlook on commodity prices for 2025, stating that it anticipates idiosyncratic factors will heavily influence share price performance in the metals and mining sector this year.

For Rio Tinto, Jefferies lowered the price target to 6,000p from 6,400p, maintaining a Buy rating.

Despite limited upside for most commodity prices, the firm sees potential gains in copper, aluminium, and metallurgical coal prices. The updated view incorporates actual figures from Q4 and reflects a more conservative forecast for the near term.

BHP Group‘s price target was cut to 2,150p from 2,250p, with Jefferies retaining a Hold rating on the stock. The firm remains cautious about the general commodity market but sees opportunities for specific metals to outperform.

Glencore's stock price target was reduced to 450p from 550p, with the firm keeping a Buy rating on the company's shares. Jefferies said it believes individual company factors will drive share price movements despite the tempered expectations for commodity prices.

For Antofagasta, the target has been cut to 1,600p from 2,000p, with a Hold rating maintained. Jefferies notes a short-term cautious stance due to cyclical pressures.

However, they are optimistic about a demand rebound in 2026 and 2027, expecting higher prices and stronger performance in the longer term. Nevertheless, for now they believe the risk to consensus estimates is to the downside.