Market Overview

UPDATE: Deutsche Bank Upgrades Freeport-McMoRan to Buy on Investor Acceptance to Deal

Share:
Related FCX
Benzinga's Top Upgrades, Downgrades For December 12, 2017
The Market In 5 Minutes: Bitcoin, Comcast Drops Fox Bid, FOMC Meeting Begins
Freeport Is A Buy On Any Price Weakness (Seeking Alpha)

Deutsche Bank raised its rating on Freeport-McMoRan (NYSE: FCX) from Hold to Buy with a reiterated $40 price target.

Deutsche Bank noted, "Freeport's $20bn move into energy was a shock (FCX -20% in 2 days) due to unexpectedness, high leverage, unclear industrial rationale, premiums paid and potential conflicts of interest but we believe investors will eventually move past "anger" and to "acceptance" as we assume the deal will go through and the share price decline over-penalizes the stock."

Freeport-McMoRan closed at $33.95 on Wednesday.

Latest Ratings for FCX

DateFirmActionFromTo
Dec 2017Morgan StanleyUpgradesUnderweightEqual-Weight
Oct 2017UBSMaintainsNeutral
Oct 2017Deutsche BankDowngradesHoldSell

View More Analyst Ratings for FCX
View the Latest Analyst Ratings

Posted-In: Deutsche BankAnalyst Color Upgrades Intraday Update Analyst Ratings

 

Related Articles (FCX)

View Comments and Join the Discussion!

Partner Center