UPDATE: Goldman Sachs Reiterated Neutral on Freeport-McMoRan Following Analyst Meeting

Goldman Sachs maintained its Neutral rating on Freeport-McMoRan FCX and reiterated its $38 price target. Goldman Sachs noted, "We attended an analyst meeting hosted by FCX management to discuss the PXP/MMR acquisitions. Despite the FCX sell-off this week (-21% vs S&P 500 -0.2%) and our positive view on copper, the meeting did not answer all the concerns that we have heard from investors regarding the strategic rationale behind the acquisitions and the process that the Freeport's Board ran to assess the assets and company trajectory. Although we have started to see some investor appetite and interest in FCX post the sell-off, we continue to expect the stock to remain pressured and trade range bound for some time. We, therefore, maintain our Neutral rating." Freeport-McMoRan closed at $30.81 on Thursday.