UPDATE: UBS Downgrades Southern Copper (SCCO) to Sell

April 20, 2021 4:17 PM EDT
Get Alerts SCCO Hot Sheet
Price: $75.67 -0.58%

Rating Summary:
    3 Buy, 11 Hold, 9 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 10 | Down: 32 | New: 9
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(Updated - April 20, 2021 4:25 PM EDT)

UBS analyst Andreas Bokkenheuser downgraded Southern Copper (NYSE: SCCO) from Neutral to Sell with a price target of $65.00 (from $60.00).

The analyst comments "We downgrade SCCO to Sell from Neutral in anticipation of a rebalancing of the copper market into 2H21. This is driven by a demand growth deceleration in China and RoW coupled with a normalization in supply, hereunder South American Concentrate and global scrap supply. We estimate copper prices will correct from US$4.23/lb spot currently to US$3.50/lb by 4Q21 followed by US$3.30/lb in 2022."

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 $74.51 yesterday.

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