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

Bank of America, which

Freeport-McMoRan Copper and Gold

at $75 with a Buy rating, is providing some color on the stock. “Freeport-McMoRan Copper and Gold (

) 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.