Grupo Mexico upgraded to Overweight from Neutral at JPMorgan

JPMorgan analyst Rodolfo Angele upgraded Grupo Mexico (GMBXF) to Overweight from Neutral with a price target of MXN 137, up from MXN 104. The firm added Tia Maria into its estimates. The project, located in Arequipa, is set to significantly enhance EBITDA projections by $800M by 2027, the analyst tells investors in a research note. After years of delays, Southern Copper is poised to commence construction in 2025, supported by successful community engagement and infrastructure plans that address local concerns, the analyst tells investors in a research note. JPMorgan also has constructive views on copper prices.