Scotiabank raises price target on copper miners

Hudbay Minerals

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%

 (Reporting by Dharna Bafna in Bengaluru)

 ((Dharna.bafna@thomsonreuters.com))