Morgan Stanley Downgrades Southern Copper (SCCO) to Underweight

Morgan Stanley analyst Carlos De Alba downgraded Southern Copper (NYSE: SCCO) from Equalweight to Underweight with a price target of $68.00 (from $83.00).

The analyst comments "We are downgrading SCCO to UW (from EW) on the back of lower expected production volumes and higher forecast cash costs, which, in our view, point to material downside to the consensus estimates. As consensus estimates are revised lower, we believe the stock will underperform (see Exhibit 13 ). In addition, we also see a negatively skewed risk-reward."

For an analyst ratings summary and ratings history on Southern Copper click here. For more ratings news on Southern Copper click here.

Shares of Southern Copper closed at $74.21 yesterday.

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