Credit Suisse Believes Balance Sheet Story is Not Over Yet for Freeport-McMoRan

In a report published Wednesday, Credit Suisse analyst Nathan Littlewood reiterated a Neutral rating and $25.00 price target on

. In the report, Credit Suisse noted, “CY14 results confirmed the capex cuts and O&G production downgrades we'd anticipated, but in our view significantly more is required to abate recent commodity price weakness. Asset sales, partnerships and potential dividend cuts were all discussed on the call. Changes to our earnings estimates are summarized in Exhibit 1.” Freeport-McMoRan closed on Tuesday at $18.38.