Deutsche Bank Downgrades Freeport-McMoRan (FCX) to Hold
- S&P, Nasdaq hit highs on gains in health, tech stocks
- Coca Cola (KO) Announces James Quincey to Succeed Muhtar Kent as CEO; Kent to Continue as Chairman
- Broadcom Ltd. (AVGO) Tops Q4 EPS by 11c
- Sibanye Gold (SBGL) to Acquire Stillwater Mining Company (SWC) in $2.2B Deal
- Exclusive: ECB rejects Monte Paschi's request for more time to raise cash - source
Get inside Wall Street with StreetInsider Premium. Claim your 2-week free trial here.
Deutsche Bank downgraded Freeport-McMoRan (NYSE: FCX) from Buy to Hold with a price target of $12.50. The downgrade was tied to valuation.
Analyst Chris Terry said, "Freeport-McMoRan has announced that the previously disclosed (early May) $2.65bn cash sale of its 56% effective stake in Tenke Fungurume to China Molybdenum Co., Ltd. is now complete. There had been some initial delays/uncertainties with the transaction, so we view the announcement positively. In-line with our thesis, Freeport's balance sheet continues to transform. Including a further ~$2.5bn from O&G assets sales expected to close in the next month, we forecast $12.1bn Net Debt at YE16 (vs $17.9bn at 3Q16). Our $12.50/sh (1x NPV) is unchanged, however, we downgrade to Hold on valuation following the strong recent share price performance."
Shares of Freeport-McMoRan closed at $13.80 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- UBS Cuts Price Target on Restoration Hardware (RH) to $34 Following 3Q
- Restoration Hardware (RH) PT Cut to $30 at Cowen
- BMO Capital Downgrades DAVIDsTEA (DTEA) to Market Perform
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS View, Downgrades
Related EntitiesDeutsche Bank
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!