Market Overview

UPDATE: Deutsche Bank Raises PT on Freeport-McMoRan Copper & Gold Following 3Q13 Preview

Share:
Related FCX
Top Performing Industries For July 27, 2016
Technical Alert: Freeport McMoRan Finds Resistance After Early Plunge
Freeport-McMoRan: It's Not Just About Copper Price (Seeking Alpha)

In a report published Wednesday, Deutsche Bank analyst Jorge Beristain reiterated a Buy rating on Freeport-McMoRan Copper & Gold (NYSE: FCX), and raised the price target from $35.00 to $38.00.

In the report, Deutsche Bank noted, “With the tide apparently having gone out for key global metals and bulk commodities, NA Metals & Mining managements will simply have to learn to make do with less free cash flow, smaller projects and smaller m&a deals than what were possible during boom times. The clarion call for managements now is to live within their Balance Sheet means. This calls for increased cooperation and heightened creativity for the funding of next generation growth projects and a tighter focus on the bottom-line. Those that heed the call should be the relative winners. Unfortunately, large debts limit flexibility and those continuing to deficit spend will risk downgrades of Investment Grade ratings.”

Freeport-McMoRan Copper & Gold closed on Tuesday at $32.92.

Latest Ratings for FCX

DateFirmActionFromTo
May 2016Goldman SachsInitiates Coverage onNeutral
May 2016JefferiesUpgradesHoldBuy
Apr 2016CLSADowngradesUnderperformSell

View More Analyst Ratings for FCX
View the Latest Analyst Ratings

Posted-In: Deutsche Bank Jorge BeristainAnalyst Color Price Target Analyst Ratings

 

Related Articles (FCX)

View Comments and Join the Discussion!