Southern Copper (NYSE:SCCO) received an upgrade from Wall Street Zen, which raised its rating from "hold" to "buy." The announcement came in a research note issued over the weekend, marking a positive shift in sentiment for the mining company.
Other analysts have mixed views on Southern Copper. Barclays assigned an "underweight" rating with a $164.03 target price, while UBS Group maintained a "sell" rating but increased its price target from $160.00 to $180.00. Morgan Stanley also kept an "underweight" rating with a $170.00 target. Weiss Ratings upgraded the stock to a "buy (b+)" from a "buy (b)", while CICC Research downgraded it to "market perform." Overall, the stock has a consensus "reduce" rating with a target price of $156.02.
Southern Copper stock opened at $209.07 on Friday, with a 52-week range of $119.25 to $223.88. The company reported earnings of $1.99 per share for the latest quarter, beating estimates by $0.06. Revenue for the quarter was $4.29 billion, up 40.6% year-over-year. Insider activity includes Director Luis Palomino Bonilla selling 202 shares at $196.79 each.
The company operates major mining and processing assets in Mexico and Peru, producing copper, molybdenum, zinc, silver, and lead. Institutional investors own 7.94% of the stock, with recent activity from firms like SHP Wealth Management and Bell Investment Advisors.