UPDATE: J.P. Morgan Upgrades Southern Copper to Overweight on Copper Prices Outlook
In a report published Monday, J.P. Morgan analyst Rodolfo R. De Angele upgraded the rating on Southern Copper Corp. (NYSE: SCCO) from Neutral to Overweight, and raised the price target from $42.00 to $46.00.
In the report, De Angele noted, “Our positive view and OW rating on SCCO is based on the outlook for copper prices, and we continue to like the company's growing exposure to the commodity (SCCO expects to almost double its annual copper production over the next five years). With the largest copper reserves as well as its position as one of the lowest cost copper producers in the world, we believe SCCO remains in an enviable position as one of the only few pure copper plays, helping it continue to command a valuation premium vs. peers. After the recent correction of 15%, we believe the stock presents an attractive entry point for long-term investors.”
Southern Copper Corp. closed on Friday at $35.54.
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