Canaccord Adams Downgrades Freeport-McMoRan (FCX) to Sell, Slashes Price Target
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Canaccord Adams downgrades Freeport-McMoRan (NYSE: FCX) from Buy to Sell. Price target slashed from $131 to $33.
Canaccord analyst says, "Copper price risks have increased with a weakening global economy. We believe copper prices have materially further to fall before production cuts will begin to rebalance our expectations of significant market surpluses in 2009 and 2010...We have decreased 2009/10E EPS forecasts by 96-81% and 2009/10E operating CFPS forecasts by 63-54%, based on LME prices of US$2.00/lb in both years for copper."
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.
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