UPDATE: Jefferies Reiterates on Freeport-McMoRan Copper & Gold Following Solid Quarter Report

In a report published Wednesday, Jefferies analyst Peter Ward reiterated a Buy rating on

, and raised the price target from $40.00 to $45.00. In the report, Jefferies noted, “FCX reported a solid quarter operationally with EPS of 87¢ vs. our estimate of 70¢ and the Street estimate of 63¢. Importantly, management remains focused on accelerating de-leveraging through asset sales, JVs and capex cuts. We are raising our 1-year target to $45.” Freeport-McMoRan Copper & Gold closed on Tuesday at $36.36.