Southern Copper stock: UBS upgrades rating after selloff

UBS has taken a less negative view of Southern Copper after the mining stock's recent selloff. In a report published Tuesday, November 10, 2026, and carried by ad-hoc-news, UBS upgraded Southern Copper from Sell to Neutral and maintained its target at 180 US dollars.

What has changed since the previous update

Analyst Myles Allsop said Southern Copper had declined about 20 percent over the previous month amid a broader selloff in artificial-intelligence shares. The stock 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 risks tied to Peru's elections and delays affecting Tia Maria's 2027 volumes have largely played out.

Strong results meet execution risks

Southern Copper's 2027 enterprise-value-to-EBITDA multiple fell 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 valuation debate follows a record third quarter. Southern Copper reported earnings of 2.15 US dollars per share against a 1.96 US dollar consensus estimate, while quarterly net sales reached 4.7 billion US dollars versus a 4.46 billion US dollar forecast. Investors are weighing that operating strength against the delayed Tia Maria start and the lack of detailed 2027 guidance.

Southern Copper stock traded at 155.28 euros on Lang & Schwarz at 16:09:54 CET on Tuesday, November 10, 2026.

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More news and analyses on the Southern Copper stock cover the company's earnings, projects and valuation debate.