Deutsche Bank Upgrades Freeport-McMoRan (FCX) to Buy; Valuation Call

Deutsche Bank upgraded Freeport-McMoRan (NYSE: FCX) to Buy with a price target of $48.00.

Deutsche analyst says, "We are upgrading Freeport and Goldcorp (NYSE: GG) to Buy on valuation, strong balance sheets, cash flow outlook and rising dividend yields. Conversely, we are downgrading Alcoa to Hold as (still) high leverage poses risk as developed world economic momentum slows. We strongly prefer companies with strong balance sheets (B/S), lower project execution risk and potential to return cash to shareholders. We increasingly favor gold producers and are still staying long bulk commodities, noting pricing has held-up, despite equity sell-off."

For more ratings news on Freeport-McMoRan click here and for the rating history of Freeport-McMoRan click here.

Shares of Freeport-McMoRan closed at $30.45 yesterday.

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