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UPDATE: Goldman Sachs Upgrades Freeport-McMoRan Copper & Gold to Buy on Copper Bullishness

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Goldman Sachs upgraded Freeport-McMoRan Copper & Gold (NYSE: FCX) from Neutral to Buy and raised the price target from $38.00 to $42.00.

Goldman Sachs analyst Sal Tharani commented, "We upgrade Freeport McMoRan to Buy and see 27% upside to our new target price of $42 ($38 prior) as we raise our target price multiples by 11%, in line with historical trading ranges. We have been bullish on copper and FCX's strong exposure to the commodity, but downgraded the stock post the PXP/MMR acquisition announcement, expecting the stock to face pressure on investor uncertainty. While we do not take a view that the deals will close, we now believe the sell off is overdone and still see value in FCX stock as copper fundamentals remain strong."

Freeport-McMoRan closed at $33.16 on Thursday.

Latest Ratings for FCX

DateFirmActionFromTo
Jun 2020Morgan StanleyMaintainsOverweight
Jun 2020Morgan StanleyMaintainsOverweight
May 2020B of A SecuritiesMaintainsBuy

View More Analyst Ratings for FCX
View the Latest Analyst Ratings

 

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Posted-In: Goldman SachsAnalyst Color Upgrades Analyst Ratings

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