UPDATE: Goldman Sachs Upgrades Freeport-McMoRan Copper & Gold to Buy on Copper Bullishness

Goldman Sachs upgraded Freeport-McMoRan Copper & Gold

from Neutral to Buy and raised the price target from $38.00 to $42.00. Goldman Sachs analyst Sal Tharani commented, "We upgrade Freeport McMoRan to Buy and see 27% upside to our new target price of $42 ($38 prior) as we raise our target price multiples by 11%, in line with historical trading ranges. We have been bullish on copper and FCX's strong exposure to the commodity, but downgraded the stock post the PXP/MMR acquisition announcement, expecting the stock to face pressure on investor uncertainty. While we do not take a view that the deals will close, we now believe the sell off is overdone and still see value in FCX stock as copper fundamentals remain strong." Sal Tharani closed at $33.16 on Wednesday.