UBS downgraded Southern Copper (SCCO) to Sell from Neutral with a price target of $148, up from $143. The firm cites the recent raise in silver prices for the target boost. UBS also remains “constructive” on copper prices in 2026 and 2027 due to “constrained” supply and “robust” demand. However, it sees potential for prices to consolidate near-term after the recent “aggressive move.” Southern Copper’s guidance when reporting Q4 at the end of January could weigh on the stock with its production set to fall year-over-year in 2026 and Tia Maria unlikely to start up in 2027. The company’s political risk in Peru is also elevated near-term ahead of the elections, adds the firm.
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