Jefferies Raises PT on Freeport-McMoRan to $60
Jefferies & Company has published a research report on Freeport-McMoRan Copper & Gold (NYSE: FCX) and has raised the price target from $55 to $60 after the company's recent strong performance.
In the report, Jefferies writes, "[I]n recognition of the unexpectedly strong dollar, we are trimming our 2012 and 2013 copper price forecast by 25¢/lb to $4.25 and $4.75. For reference, the current price is about $3.78. In recognition of FCX's continued cash accumulation and relatively unique copper production growth in the next few years, we are comfortable raising the target on FCX to $60. We believe the risk to our new target is to the upside. We believe the high barriers to entry in copper mining, FCX's extensive resource base and unique growth profile remain substantially underappreciated by the market."
Jefferies maintains its Buy rating on Freeport-McMoRan, which is currently trading up $0.03 from yesterday's $44.47 closing price.
