BofA downgraded Southern Copper (SCCO) to Underperform from Neutral with a price target of $175, up from $162. The firm cites the stock’s “stretched” valuation and weakening near-term operations for the downgrade. BofA says Southern Copper’s valuation following the recent share rally is “difficult to justify.” It expects the company’s production to decline 3% through 2027. Southern Copper shares are pricing in a bullish case that is unlikely to play out, contends the firm.
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