Soleil Securities Upgrades Freeport Copper & Gold (FCX) to Buy
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Soleil Securities upgrades Freeport Copper & Gold (NYSE: FCX) from Hold to Buy with a $135 price target, citing valuation.
The firm cuts '08 EPS estimates to $10.15 from $11.45 and '09 EPS estimates to $11.75 from $12.10 to reflect higher energy costs
The firm said, "Given the current valuations of the diversified mining companies, FCX is, in our view, by far the cheapest, with an EV/EBITDA ratio (based upon the last 12 months results) of only 4.4, which compares to double-digit figures for the other large diversified miningcompanies, a disparity that we think is not warranted."
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