UPDATE: Goldman Says Buy the Dip in Freeport-McMoRan, Calls Recent Downside Overdone

Goldman Sachs' Sal Tharani lowered his price target on shares of Freeport-McMoRan

from $42 to $38 Monday morning. The analyst maintains a Buy rating on FCX shares. The analyst told investors to buy the recent dip in the stock. Freeport shares are down more than 14 percent since April 9th. The reduced price target was based on lower copper price forecast from Goldman strategists. The firm now sees 2013 copper price around $3.45 per pound, down from $3.83 previously, and 2014 price around $3.12/lb, down from $3.29 previously. Tharani lowered his 2013, 2014 EPS estimates for Freeport from $4.53 and $3.20 to $3.35 to $3, respectively. Freeport-McMoRan shares are down 1.5 percent to $27.80 Monday morning. The firm's new price target implies potential upside of about 37 percent.