UPDATE: Citigroup Maintains Southern Copper Company at Buy Following 2013 Guidance

Citigroup reiterated its Buy rating and $41 price target on Southern Copper Company SCCO. Citigroup said, "Southern Copper has provided guidance of 640kt of copper production in 2013 (+1% YoY) with net cash cost of $0.71/lb (0% YoY, driven by higher moly production). This was slightly better than expected and we have raised estimates by +2% in 2013-14. Keeping costs flat would be positive compared with Antofagasta's guidance of +36% (and we continue to prefer Southern Copper)." Southern Copper Company closed at $39.84 on Friday.