Southern Copper upgraded at Santander, Ternium and Usiminas downgraded

As reported before the open, Grupo Santander analyst Rafael Barcellos upgraded Southern Copper (SCCO) to Outperform from Neutral with a $69 price target, up from $60, and downgraded Ternium (TX) to Neutral from Outperform with a price target of $35, down from $45, and downgraded Usiminas (USNZY) to Neutral from Outperform with a R$9 price target, down from R$14.50. The rating changes reflect his updated outlook for the LatAm Metals & Mining sector, including his metal price forecasts, supply/demand models, and estimates across his coverage universe.