FBR Capital Upgrades Freeport-McMoRan (FCX) to Outperform
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FBR Capital upgrades Freeport-McMoRan Copper & Gold (NYSE: FCX) from Market Perform to Outperform with a $58 price target, saying the recent pullback creates an attractive entry point.
The firm said while near-term weakness is likely due to FCX's strong correlation with the underlying price of copper, longer term, copper and its largest consumer China do have structural supply issues and China might exhaust its copper reserves in 16 years.
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