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(Sharecast News) - Berenberg lifted its ACG Metals target price to 2,400p from 2,300p and reiterated its 'buy' rating on the stock, saying the miner's latest Competent Person's Report underlined the strength of its copperled growth strategy.
The broker noted that ACG shares have climbed around 60% yeartodate, driven by the group's transition from a singleasset preciousmetals producer into a higherquality basemetals business with copper at its core. The updated CPR for the Gediktepe mine in Turkey showcased a rephased mine plan that brings forward basemetal output and lifts nearterm copperequivalent volumes.
ACG has raised its FY27-31 average CuEq production guidance to croughly 6,000 tonnes per annum, around 60% above the previous 20,000 to 25,000 tpa target and ahead of Berenberg's 34,000 tpa estimate. Total CuEq output over the initial 11year mine life was now expected to reach approcimately 352,000 tonnes, helped by accelerated enrichedore production from Q327 and an extended oxideore schedule through 2028.
Ore reserves have increased 43% to 26.5m tonnes, including a 35% uplift in copper reserves to 176,000 tonnes, with further upside expected from drilling targeting downdip sulphide extensions. Berenberg also highlighted regional potential at the nearby Ke_kek gold project, which could provide additional heapleach feed.
The German bank said its valuation for Gediktepe remains broadly unchanged at $802m, but said the CPR supports stronger nearterm growth and longerterm optionality. ACG shares trade at 1.06x net asset value and 2.9x FY27 underlying earnings, with Berenberg seeing further value to unlock as the copper strategy progresses.
Analysts at Canaccord Genuity downgraded Sage from 'buy' to 'hold' on Monday, but nudged their target price up from 1,135p to 1,230p, noting that the shares have rallied hard and now look fairly valued after a strong run through 2026.
Canaccord Genuity said its earlyyear upgrade to 'buy' had been driven by what it saw as an overdone "SaaSpocalypse" narrative and attractive valuation, with Sage still growing annual recurring revenues at around 10%. However, it said the stock's more than 45% rally has now taken valuation back to more normal levels.
The Canadian bank argued that while nearterm AI risk appears less threatening than markets once feared, longerterm disruption remains a "known unknown" that were likely to cap any rerating. On CY27 metrics, Sage's 13.5x enterprise value/underlyig earnings, 18x price-to-earnings and 20x enterprise value/free cash flow ratios look reasonable for a lowteens earnigns per share grower, but not compelling enough to justify a continued outperformance, prompting the move to 'hold'.
Canaccord also sees few catalysts ahead and expects FY26 results on 19 November and FY27 guidance to be broadly in line with consensus, with no major upside surprises. A fresh buyback also looks unlikely given leverage was set to finish FY26 at the top end of Sage's 1-2x net debt/EBITDA range.
The broker remains close to consensus on revenue and slightly ahead on adjusted EBIT, though a touch below the roughly 50p adjusted EPS forecast. It said FY27 expectations of 9.4% organic revenue growth and 60 basis point margin expansion appear sensible but not conservative enough to drive a rerating.
Reporting by Iain Gilbert at Sharecast.com