UPDATE: Citigroup Upgrades Southern Copper Company to Buy

Citigroup published a research report on Southern Copper Company SCCO and upgraded the company from Neutral to Buy with a raised price target, from $34 to $41. In the report, Citigroup wrote, "We upgrade Southern Copper to Buy, in conjunction with a downgrade of Freeport (FCX) to Neutral by Brian Yu. Southern Copper is now our preferred Americas copper exposure and added to the Latin America Focus List. The stock has recently outperformed the sector but we see more potential upside. Southern Copper operates true Tier 1 copper assets with cheap growth potential and minimal sustaining capex requirements. One near-term risk is that the company's labor contracts in Peru need to be renegotiated in 2013." Southern Copper Company closed Wednesday at $37.26.