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Peruvian HOLD We assume no currency impact on the Peruvian stock, as it trades in US dollars. Given that our target
price no longer supports a SELL, we upgrade the Peruvian stock to a HOLD.
Stock
Ticker: SPC.LM
Target price: US$30.42
Current price: US$33.60
We will reassess our Peruvian stock rating for Southern Copper after it releases its 2Q 08 results in July
Price change
(7.9%) 2008.
since last report
We continue to expect lower profitability in FY 2008, due to falling zinc prices and rising operating
expenses. However, following the recent decline in the NYSE common stock price, our target price no
longer supports a SELL. Therefore, we upgrade the NYSE common stock to a HOLD.
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