UPDATE: UBS Downgrades Southern Copper (SCCO) to Sell
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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."
Shares of Southern Copper closed at $74.51 yesterday.
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