Dahlman Rose Cuts Estimates on Freeport-McMoRan (FCX) Due to Market Conditions
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Rating Summary:
21 Buy, 11 Hold, 3 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 13 | Down: 11 | New: 14
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Dahlman Rose is reiterating its Buy rating and $68 price target on shares of Freeport-McMoRan (NYSE: FCX) ahead of its Q3 earnings, but is adjusting its estimates due to recent declines in copper and prolonged labor problems in Indonesia.
Management forecasts that for each work day lost, around 3 million pounds of copper and 5,000 ounces of gold production are lost. The firm reports that labor issues at the FCX's Cerro Verde mine in Peru have not affected production.
The firm anticipates that copper prices will stabilize near current levels and average $3.25 during the fourth quarter.
To go inline with current market activity and prices, Dahlman Rose is cutting its Q3 and FY11 EPS estimates from $1.40 and $5.85 to $0.95 and $4.50 while maintaining its FY12 estimate of $6.35. For 2012, the firm estimates an average copper price of $4.75.
Freeport-McMoRan is scheduled to release its quarterly results on October 19 before the opening bell.
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 $35.45 yesterday.
Management forecasts that for each work day lost, around 3 million pounds of copper and 5,000 ounces of gold production are lost. The firm reports that labor issues at the FCX's Cerro Verde mine in Peru have not affected production.
The firm anticipates that copper prices will stabilize near current levels and average $3.25 during the fourth quarter.
To go inline with current market activity and prices, Dahlman Rose is cutting its Q3 and FY11 EPS estimates from $1.40 and $5.85 to $0.95 and $4.50 while maintaining its FY12 estimate of $6.35. For 2012, the firm estimates an average copper price of $4.75.
Freeport-McMoRan is scheduled to release its quarterly results on October 19 before the opening bell.
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 $35.45 yesterday.
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