Deutsche Bank Upgrades Freeport-McMoRan (FCX) to Buy; More Positive on Stock After 2 Strong Quarters
FCX Hot Sheet
Rating Summary:16 Buy, 2 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 16 | Down: 7 | New: 23
Deutsche Bank upgrades Freeport-McMoRan (NYSE: FCX) to Buy. Price target increased from $72 to $100.
Deutsche analyst says, "After 2 quarters of FCX handily beating ours (and consensus estimates) we are now reflecting a more “fully loaded” volume outlook. This has led us to significantly revise earnings upwards and derive a new 12-month Price Target of US$100/share which has led us to upgrade FCX to a Buy. Re-instated annual cash dividend of US$0.60/share has higher to go in our view...While our EPS estimates (US$8.49) are 42% higher and 76% higher than Bloomberg consensus of US$5.99 and US$7.15 we believe consensus has yet to play “catch up” given rate of recovery in FCX’s results."
To see more analyst ratings on FRX Click Here.
Deutsche analyst says, "After 2 quarters of FCX handily beating ours (and consensus estimates) we are now reflecting a more “fully loaded” volume outlook. This has led us to significantly revise earnings upwards and derive a new 12-month Price Target of US$100/share which has led us to upgrade FCX to a Buy. Re-instated annual cash dividend of US$0.60/share has higher to go in our view...While our EPS estimates (US$8.49) are 42% higher and 76% higher than Bloomberg consensus of US$5.99 and US$7.15 we believe consensus has yet to play “catch up” given rate of recovery in FCX’s results."
To see more analyst ratings on FRX Click Here.
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