Wells Fargo lowered the firm’s price target on Southern Copper (SCCO) to $171 from $186 and keeps an Equal Weight rating on the shares. The firm notes Q1 benefited from strong byproduct credits. Management downplayed energy cost risk and said Tia Maria permitting issues were resolved. At about 13 times 2026 EV/EBITDA on $6/lb copper, Wells believes near-term copper tightness appears largely priced in.
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