BoA Merrill has upgraded Panaust (PNA) from a 'Neutral' to a 'Buy' recommendation with a target price of $2.50. The broker has concluded that PNA represents the best copper play to date given its solid production record and the fact that production is expected to increase in 2H13. At the same time, the company's share price has shed approximately 30% in the past three weeks (last close: $1.94) compared to rival Oz Minerals declining 6% and the copper price 8%. Furthermore, the company's PE of 11.4x is well below peers yet PNA has more certainty in production forecasts.