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UPDATE: Bank of America Color on Freeport-McMoRan Copper and Gold Initiation

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Bank of America, which initiated Freeport-McMoRan Copper and Gold (NYSE: FCX) at $75 with a Buy rating, is providing some color on the stock.

“Freeport-McMoRan Copper and Gold (FCX) is the world's largest publicly traded copper and molybdenum producer, as well as the eighth largest gold producer,” Bank of America writes. “We expect FCX to increase copper sales roughly 20% to 4.8bn lb over the next five years, increasing exposure to copper, our favorite base metal.

“This excludes potential brownfield expansions that may add 15% to copper sales growth by 2015. While sovereign risks exist at FCX's main production hubs (DRC, Peru, Indonesia) FCX's global track record operating and developing mines, plus a world-class diversified asset portfolio reduce these significantly, in our opinion.”

Freeport-McMoRan Copper and Gold close Thursday at $54.25.

 

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Posted-In: Bank of America Freeport-McMoRan Copper and GoldAnalyst Ratings

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