CICC Downgrade Hits Southern Copper Stock Amid Bullish Sentiment

Southern Copper's stock price fell after CICC downgraded it from 'Outperform' to 'Market Perform' and set a target of $180.70.

The downgrade came despite Southern Copper's strong Q2 results, with EPS rising to $2.01 from $1.17 and revenue increasing to $4.29B from $3.05B.

The company's stock price has surged 8.69% amid bullish sentiment on rising global copper demand, but analysts say the valuation is demanding at around 37 times P/E.