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Fly News Breaks for February 19, 2019
SCCO
Feb 19, 2019 | 07:00 EDT
Citi analyst Alexander Hacking double upgraded Southern Copper to Buy from Sell with a $41 price target. The analyst cites his firm's more constructive cooper market backdrop for the upgrade. Citi's global commodity team is bullish on copper, noting that exchange inventory is at 10 year lows and Chinese weakness appears to be turning, Hacking tells investors in a research note. The analyst believes copper equities have "significant rebound potential" with the stocks down 30%-40% year-to-date.