Market Overview

UPDATE: JP Morgan Downgrades Southern Copper Corporation to Neutral on Dividend Outlook

Share:
Related SCCO
Benzinga's Top Downgrades
Lowered Miner Estimates Lead To Southern Copper Downgrade
Lowered mining estimates lead to Southern Copper downgrade at J.P. Morgan (Seeking Alpha)

JP Morgan downgraded Southern Copper Corporation (NYSE: SCCO) from Overweight to Neutral and maintained the $41.50 price target

JP Morgan noted, "We are downgrading SCCO shares to N from OW as we believe the valuation appears full after the recent 24% run since mid-November, with the dividend announcement being a catalyst as it is likely to disappoint investors. In our view, investors see SCCO as a growth story with dividend yield, especially after the recent $1.5B bond offering, but the rather cautious dividend payout should serve a minor blow to it. We are trimming down our dividend yield expectations for SCCO to 3.8% and 4.9%, vs. 5.5% and 7.1%, respectively."

Southern Copper Corporation closed at $41.25 on Friday.

Latest Ratings for SCCO

DateFirmActionFromTo
Aug 2015JP MorganDowngradesOverweightNeutral
Jul 2015BarclaysMaintainsOverweight
Jun 2015HSBCInitiates Coverage onBuy

View More Analyst Ratings for SCCO
View the Latest Analyst Ratings

Posted-In: JP MorganAnalyst Color Downgrades Pre-Market Outlook Analyst Ratings

 

Related Articles (SCCO)

Get Benzinga's Newsletters