Morgan Stanley Downgrades Buenaventura Mining (BVN) to Equalweight, 'Positive Outlook Priced In'

(Updated - March 12, 2024 3:43 AM EDT)

Morgan Stanley analyst Carlos De Alba downgraded Buenaventura Mining (NYSE: BVN) from Overweight to Equalweight with a price target of $16.30 (from $10.90).

The analyst comments "BVN's directly controlled mining operations continued to improve in 2H23. The company is progressing well on its flagship San Gabriel gold project and has the potential to further increase its copper exposure with el Trapiche. We believe the acquisition by Antofagasta (covered by Ioannis Masvoulas) of 18.9% of BVN shares highlights the value of the company's growth prospects, its operational improvements, and its stake in Cerro Verde. That said, we are downgrading to EW with a new PT of $16.3/sh (vs. $10.9/sh previously) as we believe the market is already pricing in the positive developments."

For an analyst ratings summary and ratings history on Buenaventura Mining click here. For more ratings news on Buenaventura Mining click here.

Shares of Buenaventura Mining closed at $16.79 yesterday.

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