UPDATE: Deutsche Bank Upgrades Freeport-McMoRan to Buy on Investor Acceptance to Deal

Deutsche Bank raised its rating on Freeport-McMoRan

from Hold to Buy with a reiterated $40 price target. Deutsche Bank noted, "Freeport's $20bn move into energy was a shock (FCX -20% in 2 days) due to unexpectedness, high leverage, unclear industrial rationale, premiums paid and potential conflicts of interest but we believe investors will eventually move past "anger" and to "acceptance" as we assume the deal will go through and the share price decline over-penalizes the stock." Freeport-McMoRan closed at $33.95 on Wednesday.