Friedman Billings Upgrades Freeport-McMoRan (FCX) to Outperform
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Friedman Billings upgrades Freeport-McMoRan (NYSE: FCX) from Market Perform to Outperform but lowered their price target from $115 to $85 price target, citing valuation.
Friedman Billings said Freeport-McMoRan stock is oversold and free cash generation will be strong. The firm said the stock's valuation already reflects lower copper prices and EPS.
Freeport-McMoRan Copper & Gold, Inc. engages in the exploration, mining, and production of mineral properties primarily in Indonesia, North America, South America, and Africa.
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