Southern Copper stock: UBS lifts rating after monthly selloff
Published on 11/10/2026 at 14:16 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWSValuation debate meets project execution
- UBS now sees a balanced risk-reward profile for Southern Copper.
- The Tia Maria schedule and copper-price assumptions remain central to the investment case.
- Record third-quarter earnings provide support, but 2027 operating guidance is still pending.
UBS has taken a less negative view of Southern Copper after the mining stock's recent selloff. In a report published Tuesday, Nov. 10, 2026, and carried by Investing.com, UBS upgraded Southern Copper from Sell to Neutral and maintained its price target at 180 US dollars.
UBS sees a more balanced setup
Analyst Myles Allsop said the stock had declined about 20 percent over the previous month amid a broader selloff in artificial-intelligence shares. Southern Copper's move broadly tracked copper peers in the COPX exchange-traded fund, while copper prices fell 4 percent over the same period.
UBS remains constructive on copper fundamentals and expects tight supply conditions to support elevated prices over the next three years. The bank said stock-specific risks tied to Peru's elections and delays affecting Tia Maria's 2027 volumes have largely played out.
Southern Copper's 2027 enterprise-value-to-EBITDA multiple has fallen to approximately 14 times from around 19 times in March, according to the report. UBS said the current valuation is close to the company's two-year average and implies copper prices of 6.50 to 7.00 US dollars per pound, in line with its estimates. The firm described the risk-reward balance as improved rather than clearly bullish.
Strong results meet execution risk
The valuation debate follows a record third quarter. Southern Copper reported earnings of 2.15 US dollars per share, above the 1.96 US dollar consensus estimate, while quarterly net sales reached 4.7 billion US dollars against a 4.46 billion US dollar forecast. Investors are now weighing that operating strength against the delayed Tia Maria start, the lack of detailed 2027 guidance and the question of how durable high copper prices will be.
Southern Copper stock traded at 155.53 euros on Lang & Schwarz at 14:06:54 CET on Tuesday, November 10, 2026.
Southern Copper Corporation
- ISIN: US84265V1052
- Ticker: SCCO
- Primary exchange: NYSE
- Lang & Schwarz price: 155.53 euros, Tuesday, November 10, 2026, 14:06:54 CET
Market attention also remains tied to the S&P 500, where shifts in technology-led risk appetite can influence sentiment across cyclical shares.
More news and analyses on the Southern Copper stock include the company's earnings, projects and valuation debate.
