Wells Fargo Raises Southern Copper Price Target to $190

Wells Fargo & Company has raised its price target for Southern Copper (NYSE:SCCO) from $172.00 to $190.00, according to a report released on Tuesday. The firm maintained an “equal weight” rating on the stock, indicating a potential downside of 7.18% from the previous close.

Other analysts have offered mixed views on Southern Copper. Zacks Research downgraded the stock from a “strong-buy” to a “hold” rating on August 7th. Barclays set a price target of $164.03 with an “underweight” rating on July 23rd. Morgan Stanley increased its target price from $144.27 to $156.13 but kept an “underweight” rating. Scotiabank reiterated an “underperform” rating with a price target of $138.34, up from $133.40.

Currently, Southern Copper has a mixed rating landscape with two analysts rating it as a “buy,” five as a “hold,” and seven as a “sell.” The average rating stands at “reduce” with a target price of $148.20. The stock opened at $204.69 on Tuesday, with a 52-week range of $119.25 to $223.88.

In insider news, Director Luis Palomino Bonilla sold 202 shares at an average price of $196.79 on August 5th, reducing his position by 10.49%. Over the last quarter, insiders have sold 704 shares worth $138,077. Institutional investors now own 7.94% of the stock, with several hedge funds recently adding new positions.