UPDATE: Credit Suisse Assumes Coverage on Compania de Minas Buenaventura, Upgrades to Outperform, Lowers PT on Redefined Production Profile

In a report published Monday, Credit Suisse assumed coverage on Compania de Minas Buenaventura

, upgraded its rating from Neutral to Outperform, but lowered its price target from $39.50 to $35.20. Credit Suisse noted, “Redefining Buenaventura's production profile. The stock's YTD underperformance had been an overreaction by the market, from our view, as even though Yanacocha's production guidance was reduced significantly (close to 20%, resulting in 28% less Ebitda expectations during the rest of its mine life, in our numbers - see the full report) we think that the part of the story that changed did not deserve the respective correction the stock had. Changes in Yanacocha's guidance and a gloomy outlook for Chucapaca, led to a change in BVN's status quo, which from our view is: a multimetal vehicle with solid direct operations-and exceptional talent in exploration-coupled with exposure to some of Peru's most attractive mines through its JVs.” Compania de Minas Buenaventura closed on Friday at $25.50.