Goldman Sachs Upgrades Freeport-McMoRan (FCX) to Buy; Deal Hangover Overdone

Goldman Sachs upgraded Freeport-McMoRan (NYSE: FCX) from Neutral to Buy with a price target of $42.00 (from $38.00), suggesting 27% upside.

The firm is bullish on copper and Freeport McMoRan's strong exposure to the commodity, but downgraded the stock in December after the PXP/MMR acquisition announcement. While they are not taking a view that the deal will close, they now believe the sell off is overdone and still see value in Freeport McMoRan's stock as copper fundamentals remain strong. "We expect multiple expansion as investor focus returns to FCX's fundamentals."

For an analyst ratings summary and ratings history on Freeport-McMoRan click here. For more ratings news on Freeport-McMoRan click here.

Shares of Freeport-McMoRan closed at $33.16 yesterday.

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