Soleil Securities Maintains 'Buy' Rating on Freeport-McMoran (FCX), Lowers Price Target and Earnings Estimates
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Soleil Securities maintains a 'Buy' rating on Freeport-McMoran (NYSE: FCX). Price target reduced from $135 to $117.
Soleil analyst says, "Lowering 3QE to $1.30 from $1.55 vs. $2.52 and revenue E to $4.85B from $5.175B due to falling copper prices...Lowering '08E to $7.20 from $8.70 and '09E to $5.00 from $10.70 reflecting lowered copper price assumptions for both years."
Freeport-McMoran Copper & Gold Inc., through its wholly owned subsidiary, Phelps Dodge, and its majority-owned subsidiary, PT Freeport Indonesia, is a copper, gold and molybdenum mining company. In North America, the Company has six operating copper mines: Morenci, Bagdad, Sierrita and Safford in Arizona, and Chino and Tyrone in New Mexico, as well as one operating molybdenum mine: Henderson in Colorado.
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