Southern Copper price target raised to $182 from $144 at Wells Fargo

Wells Fargo raised the firm’s price target on Southern Copper (SCCO) to $182 from $144 and keeps an Equal Weight rating on the shares. Heading into 2026, the firm expects another strong year for copper and aluminum, supported by limited new supply especially in the first half of the year. Wells doesn’t expect a reversal of Trump’s 50% tariffs on imported steel and aluminum, although midyear could see some modest concessions as part of USMCA negotiations, still keeping U.S. prices high. With that said, the firm acknowledges that “demandless recovery” and substitution are risks.