HSBC Downgrades Miner Grupo Mexico To Neutral From Overweight
July 28 2010 - 12:35PM
Dow Jones News
HSBC cut its recommendation on shares of Mexican mining and
railroads company Grupo Mexico SAB (GMEXICO.MX) to neutral from
overweight Wednesday, citing valuation.
HSBC said in a research note that Grupo Mexico's proposal to
merge its Southern Copper Corp. (SCCO, SCCO.VL) unit and its U.S.
mining concern Asarco LLC into subsidiary Americas Mining Corp., or
AMC, if carried out, could add 4 pesos (US32 cents) to the bank's
12-month price target of MXN40 for Grupo Mexico shares.
Grupo Mexico series B shares trading on the Mexican stock
exchange were off 0.6% around 11:50 a.m. EDT at MXN33.58.
The main risks to the investment recommendation involve the
proposed transaction with AMC, HSBC said, as well as copper prices
if they turn out weaker than estimated.
-By Anthony Harrup, Dow Jones Newswires; 5255- 5980-5176;
anthony.harrup@dowjones.com
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