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UPDATE: Citigroup Downgrades Freeport-McMoRan to Neutral

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Citigroup has published a research report on Freeport-McMoRan (NYSE: FCX) and downgraded the company from Buy to Neutral with a lowered price target, from $46 to $35.

In the report, Citigroup wrote, "We are downgrading FCX to Neutral from Buy and lowering our target price to $35 following the announcement today to purchase Plains Exploration & Production (PXP) and McMoRan Exploration (MMR). While we are leaving our estimates unchanged since the proposed transaction is still subject to shareholder vote from the target companies and not expected to close until 2Q13, FCX shares may continue to trade at a discounted valuation given the prospects of increased leverage, EPS dilution, and shareholder pushback on the diversification."

Freeport-McMoRan closed Wednesday at $32.17.

Latest Ratings for FCX

DateFirmActionFromTo
Jan 2015JP MorganMaintainsOverweight
Jan 2015CitigroupMaintainsNeutral
Jan 2015BB&T CapitalDowngradesBuyHold

View More Analyst Ratings for FCX
View the Latest Analyst Ratings

Posted-In: CitigroupAnalyst Color Downgrades Analyst Ratings

 

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