FBR Capital Raises Estimates, PT on Southern Copper (SCCO)
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FBR Capital analyst Lucas Pipes reiterated an Outperform rating and raised estimates and his price target on Southern Copper (NYSE: SCCO) to $38.00 (from $33.00) following the company’s new detailed annual cost guidance provided on its 2Q16 conference call.
"Southern Copper cited assumptions of flat oil and other consumable pricing for its near-term cost estimates," Pipes commented. "Longer-term costs were guided lower on increasing low-cost production through project completion as well as greater by-product sales, with latter years also including production from Tia Maria. On these adjustments primarily, we are increasing our price target."
Shares of Southern Copper closed at $26.01 yesterday.
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