Morgan Stanley raised the firm’s price target on Southern Copper (SCCO) to $160 from $155 and keeps an Underweight rating on the shares as part of a broader research note on Americas Metals & Mining. The firm expects Middle East conflict and geopolitical tensions to keep volatility in the mining space elevated, adding that it favors precious metal-exposed names as it expects gold/silver prices to strengthen. Morgan Stanley adds however that Southern Copper stock trades well above its 5-year average on enterprise value to EBITDA and price to earnings multiples.
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