Southern Copper upgraded to Equal Weight from Underweight at Morgan Stanley

In a sector note on Americas Metals & Mining, Morgan Stanley upgraded Southern Copper (SCCO) to Equal Weight from Underweight with a price target of $102, down from $106.30. The firm moved Southern Copper to Equal Weight following the ~12% pullback on the stock from its late September peak. Morgan Stanley sees “uncertainty regarding political outlook in Mexico” continuing to weigh on the stock, but now sees a “more balanced risk-reward,” the analyst tells investors in a research note.