Deutsche Bank Maintains Buy Rating and $48 PT on Freeport-McMoRan

A report from Deutsche Bank reiterates its Buy rating and $48 price target on Freeport-McMoRan (NYSE: FCX).

The report states, “We have just spent two days in Arizona visiting Freeport-McMoRan's (FCX) flagship Morenci open-pit copper mine. In our view, mines like Morenci hold the key to FCX's growth outlook as they represent an important source of cost-effective pounds which can be brought-on in short timeframes vis-a-vis greenfield alternatives."

FCX closed yesterday at $39.78.