Canaccord Adams Upgraded Freeport McMoRan (FCX) to Buy

Earlier, Canaccord Adams upgraded Freeport McMoRan Copper and Gold (NYSE: FCX) from Hold to Buy and raised their price target from C$40.75 to C$61.

The firm also raised 2009E and 2010E EBITDA forecasts to US$5.0 billion and US$6.0 billion, from US$3.7 billion and US$4.9 billion. The firm's new 2009E and 2010E EPS forecasts are US$3.36 and US$5.01.

The firm expects Freeport McMoRan to trade at premium multiples to other base metals mining companies and at a premium to its NPV, to reflect asset quality, management quality, size and liquidity.

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