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

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Deutsche Bank raised its rating on Freeport-McMoRan (NYSE: FCX) 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.

Latest Ratings for FCX

DateFirmActionFromTo
Sep 2016MacquarieMaintainsNeutral
Sep 2016Morgan StanleyDowngradesEqual-weightUnderweight
Sep 2016Deutsche BankMaintainsHold

View More Analyst Ratings for FCX
View the Latest Analyst Ratings

Posted-In: Deutsche BankAnalyst Color Upgrades Intraday Update Analyst Ratings

 

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