HSBC analyst Jonathan Brandt raised the firm’s price target on Southern Copper (SCCO) to $118 from $105 and keeps a Hold rating on the shares. The firm says precious metal prices are hitting “record decades-high levels,” with copper outperforming base and bulk metals on supply disruptions. HSBC expects Freeport to benefit from the strength in copper and gold prices.
Claim 55% Off TipRanks
- Unlock hedge fund-level data and powerful investing tools for smarter, sharper decisions
- Discover top-performing stock ideas and upgrade to a portfolio of market leaders with Smart Investor Picks
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on SCCO:
- Southern Copper price target raised to $108 from $89.10 at Citi
- Southern Copper upgraded to Equal Weight from Underweight at Morgan Stanley
- Southern Copper initiated with an Equal Weight at Wells Fargo
- Southern Copper price target raised to $155 from $130 at Jefferies
- Grupo Mexico downgraded to Hold at Jefferies on valuation discount