UPDATE: Citi Downgrades Southern Copper to Hold

Citi is out with its report today on Southern Copper (NASDAQ: SCCO), downgrading SCCO from Buy to Hold.

In a note to clients, Citi writes, "We downgrade Southern Copper to Hold (2H) from Buy (1H) on increased political risk on Peruvian operations (48% of NAV). Price target on SCCO is reduced to $34/sh, from $47/sh, or 0.9x NAV using $3.00/lb copper."

Shares of SCCO closed Monday at $30.78, down 11.35% from Friday's close.