In a report published Monday, Stifel Nicolaus analyst Paul Massoud reiterated a Buy rating on Freeport-McMoRan Copper & Gold FCX, but lowered the price target from $45.00 to $37.00.
In the report, Stifel Nicolaus noted, “We are lowering our target price from $45 to $37 following the completion of the company's acquisitions of Plains Explorations & Production and McMoRan Exploration. Our new price target reflects updated estimates incorporating FCX's newly added oil and gas business as well as the interruption of production operations at Grasberg.”
Freeport-McMoRan Copper & Gold closed on Friday at $30.92.
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