Southern Copper upgraded to Buy from Hold at Jefferies

Jefferies upgraded Southern Copper to Buy from Hold with a price target of $130, up from $91. The outlook for copper is improving faster than anticipated, says the firm, which raised its 2024 through 2026 copper price deck by 5%. The analyst also sees “improved possibilities” for Southern Copper to unlock its Tia Maria copper project in the near term. Moving the Tia Maria project forward could be a key catalyst for the shares, the analyst tells investors in a research note.