Scotiabank raises price target on copper miners
08/01/2026 12:00
** 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% |
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