Southern Copper upgraded at BMO Capital As noted earlier, BMO Capital upgraded Southern Copper to Outperform from Market Perform. As reasons for the upgrade, the firm cited its forecast for near-term earnings surprises driven partly by higher product prices, along with cost cutting and streamlined permitting processes in Peru. Target to $40 from $30.
Southern Copper downgraded to Neutral from Overweight at JPMorgan JPMorgan analyst Rodolfo Angele downgraded Southern Copper (SCCO) to Neutral after the firm cut its nickel and copper price estimates to reflect soft demand in China and a lack of rebound in Western European and North American demand. Angele cut his price target for shares to $31.50 from $37. He also lower his price target for Vale (VALE) to $5.50 from $7.50 and kept a Neutral rating on the name.