Deutsche Bank Downgrades Freeport-McMoRan (FCX) to Hold

November 17, 2016 6:49 AM EST
Get Alerts FCX Hot Sheet
Price: $15.51 +1.64%

Rating Summary:
    12 Buy, 15 Hold, 5 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 30 | Down: 30 | New: 23
Trade FCX Now!
Join SI Premium – FREE

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."

For an analyst ratings summary and ratings history on Freeport-McMoRan click here. For more ratings news on Freeport-McMoRan click here.

Shares of Freeport-McMoRan closed at $13.80 yesterday.

Serious News for Serious Traders! Try Premium Free!

You May Also Be Interested In

Related Categories

Analyst Comments, Analyst EPS View, Downgrades

Related Entities

Deutsche Bank

Add Your Comment