Deutsche Bank lifts Anglo American target price

Deutsche Bank upped its price target on Anglo American to 2,500p from 2,200p on Friday, keeping the rating at ‘buy’.

The bank said that following a heavily disrupted first half, Anglo is well positioned with near-term catalysts and medium-term structural drivers.

"The share price pull back from the January highs is an opportunity to buy a company with a deeply undervalued growth pipeline and leading climate strategy," it said.

DB lifted its estimates for the mining company, leaving it more than 15% ahead of consensus.

At 1550 BST, Anglo shares were up 4% to 1,839.40p.