Freeport-McMoRan Shares Continue To Bounce; Jefferies Upgraded To Buy Earlier

Shares of Freeport-McMoRan Inc FCX have traded up about 10 percent over the last two trading sessions after the stock marked a one-month low at $10.29. Impacting the stock on Tuesday was an early-morning upgrade from Hold to Buy by Jefferies' Christopher LaFemina.

The analyst boosted his price target on Freeport shares from $12.50 to $15.

"Despite the macro risks, we are more positive on FCX shares now than we were earlier this year as the company is making accretive asset sales and is entering a period of strong FCF due to lower costs and capex," LaFemina said. "FCX should also benefit from a recovery in the copper price as the market shifts to deficits later this decade."

Now Is The Time'

Amid the shares' recent pullback from a high at $14.32, LaFemina said "it is time to buy FCX now."

As Freeport-McMoRan shares closed up 4.2 percent at $11.51 Tuesday, the Jefferies analyst's new price target represents potential upside of about 30 percent.