Anglo American Shares Climbs as Scotiabank Starts Coverage at Outperform

Anglo American (LON: AAL) shares rose Tuesday after Scotiabank began coverage of the miner with a bullish rating, pointing to its planned combination with Canada’s Teck Resources. Copper’s rise also helped boost the stock.

Scotiabank analyst Orest Wowkodaw started the stock at outperform with a 5,200-pence price target. He noted that Anglo American is expected to complete its $35 billion acquisition of Teck in the second half of 2026, creating a large-scale, Americas-focused copper producer to be headquartered in Vancouver and renamed Anglo Teck.

The analyst said the London-based company’s shares are “poised to meaningfully re-rate higher,” reflecting the enlarged group’s focus on copper.

The stock gained 2.8% to rank among the top risers in the FTSE 100 on Tuesday. It has been one of the index’s standout performers, up 39% so far this year.

Not every analyst has been positive. In July, JPMorgan placed Anglo American on “negative catalyst watch” and kept an underweight rating, even as it raised its price target to 3,350 pence from 3,160 pence.

Analyst Dominic O’Kane said the firm saw the greatest cost-driven risks in Anglo among its European diversified mining coverage, citing exposure to high iron ore freight rates in Brazil and South Africa.

The Teck deal, which would reshape Anglo American into a copper-focused major, has been central to the investment case as the company continues its restructuring toward higher-growth metals. Copper hit new highs on Tuesday, helping the AAL share price.