UPDATE: Citigroup Downgrades Southern Copper Corp. to Neutral, Reiterates $41 PT

In a report published Wednesday, Citigroup downgraded its rating on Southern Copper Corp.

from Buy to Neutral, and reiterated its $41.00 price target. Citigroup noted, “We downgrade Southern Copper to Neutral with an unchanged target price of US$41/sh (and remove the stock from Citi's Latin America Focus List). The company's copper assets are virtually unique and the stock remains a relatively superior long-term holding amongst miners but valuation is rich at dividend yield <5% and 18x PE, in our view. The company is expected to report 4Q12 results this week.” Southern Copper Corp. closed on Tuesday at $39.35.