Southern Copper upgraded to Neutral at BofA amid fading concerns

As previously reported, BofA analyst Caio Ribeiro upgraded Southern Copper (SCCO) to Neutral from Underperform with a price target of $108, up from $72, telling investors that the firm’s concerns about a combination of capital allocation, execution risk, regulatory uncertainty in Mexico, and potential headwinds from tariffs have “largely faded.” Copper fundamentals have strengthened despite initial concerns surrounding “Liberation Day,” adds the analyst, who calls Southern “a high-quality miner trading at higher multiples.”