UPDATE: Credit Suisse Reiterates on Freeport-McMoRan Copper & Gold on Further Upside Potential from Current Levels

In a report published Wednesday, Credit Suisse analyst Ralph M. Profiti reiterated an Outperform rating on Freeport-McMoRan Copper & Gold FCX, and raised the price target from $39.00 to $42.00. In the report, Credit Suisse noted, “We believe FCX shares have further upside potential from current levels despite our relatively flat copper and gold price forecast as the company executes on its production growth plan, deleveraging goals, and value-enhancing MLP opportunities in the Oil & Gas business. We are increasing our TP to $42 driven by improved oil & gas guidance (production and costs) and stronger assumptions for cost controls in the mining business.” Freeport-McMoRan Copper & Gold closed on Tuesday at $36.36.