Freeport-McMoRan (FCX) Numbers Trimmed at Nomura, 'Buy' Maintained
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Price: $48.24 --0%
Rating Summary:
21 Buy, 11 Hold, 3 Sell
Rating Trend:
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Today's Overall Ratings:
Up: 10 | Down: 9 | New: 5
Rating Summary:
21 Buy, 11 Hold, 3 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 10 | Down: 9 | New: 5
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Nomura Securities analyst Curt Woodworth reiterated a Buy rating on Freeport-McMoRan (NYSE: FCX) but trimmed his price target from $45 to $43 saying they expect the focus to shift back to positives following one-two punch from Indonesia and copper prices.
Woodworth said, "We are reducing our Freeport estimates moderately for 2014-15 to incorporate revisions to our global commodity price deck. We also reduce our TP to $43 from $45 to reflect those changes. Despite moderately weaker copper price forecasts, we believe Freeport’s shares will be driven more by stock-specific factors in the coming years. Specifically, we believe progress on asset monetization, a resolution to Indonesia’s export tax, oil & gas execution, and near-term bottoming of copper prices represent upside catalysts."
The firm trimmed FY14E EPS from $2.80 to $2.60; FY15E EPS from $3.45 to $3.00.
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 $30.90 yesterday.
Woodworth said, "We are reducing our Freeport estimates moderately for 2014-15 to incorporate revisions to our global commodity price deck. We also reduce our TP to $43 from $45 to reflect those changes. Despite moderately weaker copper price forecasts, we believe Freeport’s shares will be driven more by stock-specific factors in the coming years. Specifically, we believe progress on asset monetization, a resolution to Indonesia’s export tax, oil & gas execution, and near-term bottoming of copper prices represent upside catalysts."
The firm trimmed FY14E EPS from $2.80 to $2.60; FY15E EPS from $3.45 to $3.00.
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 $30.90 yesterday.
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