Morgan Stanley upgraded Southern Copper (SCCO) to Equal Weight from Underweight with a price target of $132, up from $97. Incidents earlier this year at Ivanhoe’s Kamoa-Kakula, Codelco’s El Teniente , and most recently Freeport’s (FCX) Grasberg Block Cave are expected to tighten the copper market into 2026, the analyst tells investors in a research note. Due to these supply disruptions, the firm sees increasingly limited avenues for investors to play the copper theme and thus no longer expects Southern Copper to underperform, Morgan Stanley added.
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Read More on FCX:
- Freeport-McMoRan upgraded to Buy at Citi on higher copper price forecast
- Freeport-McMoRan upgraded to Buy from Neutral at Citi
- Southern Copper initiated with an Equal Weight at Wells Fargo
- Freeport-McMoRan initiated with an Overweight, named Top Pick at Wells Fargo
- Moderately bullish activity in Freeport McMoRan with shares up 1.6%