BUZZ-Scotiabank raises price target on copper miners

Reuters
Yesterday
BUZZ-Scotiabank raises price target on copper miners

** Scotiabank raises price target on copper miners

** Brokerage anticipates relatively tight commodity markets in 2026, especially for copper due to supply-side constraints, and expects modest copper production growth, slightly higher unit costs, and generally higher capex

** Brokerage raises PT on the following companies

COMPANY

OLD PT

NEW PT

UPSIDE/DOWNSIDE TO STOCK'S LAST CLOSE

Freeport-McMoRan FCX.N

$47

$63

13.5%

Teck Resources TECKb.TO

C$60

C$70

1.6%

Southern Copper SCCO.N

$90

$92

(41.8%)

Hudbay Minerals HBM.TO

C$26

C$31

5.6%

(Reporting by Dharna Bafna in Bengaluru)

((Dharna.bafna@thomsonreuters.com))

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