UPDATE: Credit Suisse Downgrades Compania de Minas Buenaventura to Neutral on Negative Outlook

In a report published Tuesday, Credit Suisse analyst Santiago Perez Teuffer downgraded the rating on Compania de Minas Buenaventura (NYSE:

) from Outperform to Neutral, and lowered the price target from $35.20 to $27.60. In the report, Perez Teuffer noted, “With no positives in sight, one of the only factors that could help is a rally in precious metal prices. The stock has dropped YTD on the back of a change in production profile, and then followed the adjustment in precious metal prices. We do not believe BVN has any catalyst in the near future that could trigger a rally. If gold and silver prices were to rally, we would expect a positive reaction in BVN, though we would expect it to underperform its precious metal peers. Despite an interesting upside potential to our NPV, we are rating it with a Neutral (from Outperform) on the lack of catalysts despite the 27% upside. We are lowering our target price to US$27.60 from US$35.20. BVN has not been able to control costs (COGS & exploration). The result: crushed margins-1Q13 saw a shocking 19p.p. y/y Ebitda mg contraction.” Compania de Minas Buenaventura closed on Monday at $21.22.