02:15 PM EDT, 04/26/2024 (MT Newswires) -- CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:

We increase our 12-month target by $37 to $122, as we assume SCCO will trade at an EV/EBITDA of 12.5x our 2025 EBITDA estimate, a premium to SCCO's three-year average forward EV/EBITDA of 9.9x, which we think is warranted given our bullish outlook for copper. We raise our 2024 EPS estimate by $0.04 to $3.89 and 2025's by $0.07 to $4.52. SCCO posted Q1 adj. EPS of $0.95 vs. $1.05, $0.19 above consensus, with a top-line beat of 4.4%. Relative to Q1 2023, copper volume was up 2.8% Y/Y and molybdenum volume rose 8.4% Y/Y, but these items were more than offset by lower copper prices (-5.4% Y/Y), lower molybdenum prices (-38.1% Y/Y), lower zinc prices (-21.8% Y/Y), lower zinc volume (-3.1% Y/Y), and lower silver volume (-0.3% Y/Y). Given supply constraints and strong demand from electric vehicles and decarbonization goals globally, we think copper is poised to surge to all-time highs later in 2024 and continue its bull run in 2025. We view SCCO as best-in-class for operating costs, justifying its premium to peers.