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Fly News Breaks for February 18, 2020
FCX, SCCO
Feb 18, 2020 | 09:14 EDT
As previously reported, Morgan Stanley analyst Carlos De Alba downgraded Southern Copper (SCCO) to Underweight from Equal Weight with a $32 price target. The stock's premium valuation relative to peers and its own history seems unwarranted given that production growth is fading, said the analyst, who sees Southern's production peaking in 2019 and remaining range-bound around 1,000Kt in the next six years. While he remains a "copper bull," he prefers to gain exposure through Freeport McMoRan (FCX), added De Alba.
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