2022-07-07 09:46:49 SCCO Southern Copper
07/07/22 07/0709:46 07/07/2209:46 | Wolfe downgrades Southern Copper to sell, sees 2023 dividend cutWolfe Research analyst Tinma Tanners downgraded Southern Copper to Underperform from Peer Perform with a price target of $47, down from $62. The analyst cut commodity price forecasts on weaker Chinese demand and now anticipates greater copper and iron ore surpluses. Heading into Q2, miners are facing falling commodity prices and rising energy costs, Tanners tells investors in a research note. The analyst sees "limited growth near term" for Southern Copper and expects the company will cut its 2023 dividend. |
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