As previously reported, Morgan Stanley analyst Carlos De Alba upgraded Southern Copper to Equal Weight from Underweight with a $36 price target, citing a more "balanced" risk-reward profile. The analyst notes that his bear case "no longer assumes that Buenavista's mine concession is lost", with Mexico federal government indicating that it does not intend to revoke mining concessions and also treating the company's recent sulfuric acid spill with a "neutral" attitude. At 7.3-times his expected EBITDA, De Alba adds that valuation on Southern Copper stock is now close to historical average.