Southern Copper (NYSE:SCCO) PT Bumped Up on Projected Copper Price Increase

Southern Copper (NYSE:SCCO) was given a big boost in its price target today from Deutsche Bank (NYSE:DB), citing expectations copper prices will continue to move up.

Deutsche said, "We believe Southern Copper deserves to trade at a higher multiple than its peers given its high growth potential and high dividend payout policy.

The firm notes, "Southern Copper (SCCO) is the world’s 6th largest producer of copper, having a nominal capacity of -680k tons per year (including Cananea) and holds the largest reported copper reserves at -55m tons. Operationally, Southern Copper's outlook is tied to copper as -75% of 2009 revenue is derived from copper, followed by molybdenum (-15%) and other coproduct metals."

SCCO was trading at $46.69, gaining $1.19, or 2.62 percent. Deutsche raised their price target on them from $46 to $64.