ANTOFAGASTA (ANFGF, $7.50, rated OVERWEIGHT, target RAISED to $12.50 from $11 last updated May, 2007); RECENT SALE OF MINORITY STAKE DERISKS THE ESPERANZA PROJECT AND INJECTS $1.2 BILLION IN CASH; WE UPDATE OUR EARNINGS MODEL AND DERIVE A SUM-OF-THE-PARTS VALUATION OF $12.6 BILLION, OR $12.50 PER SHARE. 9/17/2008
ANTOFAGASTA (ANFGF, $7.50, rated OVERWEIGHT, target RAISED to $12.50
from $11 last updated May, 2007); RECENT SALE OF MINORITY STAKE DERISKS
THE ESPERANZA PROJECT AND INJECTS $1.2 BILLION IN CASH;
WE UPDATE OUR EARNINGS MODEL AND DERIVE A SUM-OF-THE-PARTS
VALUATION OF $12.6 BILLION, OR $12.50 PER SHARE. 9/17/2008