Shares of Southern Copper Corp. dipped in premarket trading after an HSBC analyst cut his rating, saying the copper producer's shares are approaching a fair price.
Analyst Jordix Dominguez downgraded Southern Copper to "Neutral" from "Overweight," but edged his price target up to $128 per share from $125. He also trimmed his 2008 profit estimate.
Shares of the Lima, Peru-based company reached an annual low of $73.25 on Jan. 22, and are up 62 percent since that time, closing at $118.71 Monday. In premarket electronic trading, shares slid $2.46, or 2.1 percent, to $116.25
Southern Copper operates mines and smelting and refining facilities in Peru and Mexico. The company is one of the world's largest copper producers. It is 75.1 percent owned by Grupo Mexico SA.
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