Freeport-McMoRan Shares Rise
October 10 2019 - 1:28PM
Dow Jones News
By Allison Prang
Shares of Freeport-McMoRan Inc. (FCX) climbed 5.4% Thursday as
two firms lowered their price targets on the stock but one also
raised its rating on the copper company to buy.
UBS lowered its price target to $12 from $13 a share. But it now
has a buy rating on the company's stock, up from neutral. It said
that upgrade comes after the stock has sold off 20% in the last
month.
"After resetting our copper price and production expectations,
we assess the market is overly focused on lower near-term copper
prices versus FCX's growth trajectory," UBS said in its note. Of
copper companies in the Americas, Freeport McMoRan is its top
selection, UBS said.
JP Morgan lowered its price target on the stock by $2 to $12 a
share, and held its neutral rating on the stock, according to
Benzinga.
Write to Allison Prang at allison.prang@wsj.com
(END) Dow Jones Newswires
October 10, 2019 13:13 ET (17:13 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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