Wells Fargo Raises Target for Southern Copper Despite Analyst Caution

Southern Copper Corporation (ISIN US84265V1052) saw its stock price dip slightly on October 6, 2026, closing at USD 203.69 on the NYSE, down 0.78 percent from the previous day's close of USD 205.29. The movement came as Wells Fargo raised its price target for the stock from USD 172.00 to USD 190.00, though the new target still falls below the current trading price. Wells Fargo maintained an Equal Weight rating, indicating the adjustment was a valuation update rather than a bullish shift in outlook.

The stock's intraday range on October 6 extended from USD 199.22 to USD 206.90, with a market capitalization of USD 169.9 billion. Despite the positive revenue growth reported in Q2 2026, analyst sentiment remains cautious. The company's revenue climbed 40.6 percent year-over-year to USD 4.29 billion, though this fell short of the USD 4.37 billion estimate. Earnings per share, however, beat expectations with USD 1.99 against a consensus of USD 1.93.

A panel of 15 analysts maintains a Reduce consensus on Southern Copper, with seven Sell ratings, five Holds, and three Buys. The average 12-month target price of USD 146.84, as reported on September 15, 2026, is significantly below the current trading price. This contrast between strong revenue growth and cautious analyst sentiment leaves the stock's valuation as a key point of discussion among investors.

Southern Copper's stock trades within its 52-week range of USD 115.74 to USD 221.24, placing it below its yearly high but well above its low. The company is a major player in the materials sector, specializing in copper, molybdenum, silver, and zinc mining.