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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 copper‑led growth strategy.
The broker noted that ACG shares have climbed around 60% year‑to‑date, driven by the group's transition from a single‑asset precious‑metals producer into a higher‑quality base‑metals business with copper at its core. The updated CPR for the Gediktepe mine in Turkey showcased a re‑phased mine plan that brings forward base‑metal output and lifts near‑term copper‑equivalent 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 11‑year mine life was now expected to reach approcimately 352,000 tonnes, helped by accelerated enriched‑ore production from Q327 and an extended oxide‑ore 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 down‑dip sulphide extensions. Berenberg also highlighted regional potential at the nearby Keşkek gold project, which could provide additional heap‑leach feed.
The German bank said its valuation for Gediktepe remains broadly unchanged at $802m, but said the CPR supports stronger near‑term growth and longer‑term 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 early‑year upgrade to 'buy' had been driven by what it saw as an overdone "SaaS‑pocalypse" 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 near‑term AI risk appears less threatening than markets once feared, longer‑term disruption remains a "known unknown" that were likely to cap any re‑rating. 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 low‑teens 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 re‑rating.
Reporting by Iain Gilbert at Sharecast.com
