UPDATE: Nomura Raises PT on Freeport-McMoRan on Significant Catalysts/Growth Drivers Ahead
In a report published Wednesday, Nomura analyst Curt Woodworth reiterated a Buy rating on Freeport-McMoRan Copper & Gold (NYSE: FCX), and raised the price target from $38.00 to $45.00.
In the report, Nomura noted, “We are increasing our target price to $45 from $38 and we see equity valuation potential near $55-60 per share by 2017 depending on the extent of the MLP opportunity set (and valuation parameters) as well as future copper prices, which will influence deleveraging pace in 2015-2017. We outline a pathway for more substantial equity valuation uplift in our report, which provides much greater modeling detail into the outlook for FCX's Oil & Gas segment as well as potential MLP scenarios, which could significantly alter the pace of net debt reduction at FCX, in our view.”
Freeport-McMoRan Copper & Gold closed on Tuesday at $34.89.
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