Wells Fargo initiated coverage of Southern Copper (SCCO) with an Equal Weight rating and $121 price target as part of a broader research note launching firm coverage on Mining names. The firm notes it is finally “siding with copper bulls” in 2026 as supply constraints from large mines can tilt the market into a deficit, the analyst tells investors in a research note. Wells Fargo adds it expects strong free cash flow from the company continuing to support its elevated 50/50 stock and cash dividend, though it prefers Freeport McMoRan (FCX) on valuation.
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