Standpoint Research Upgrades Freeport-McMoRan (FCX) to Buy; Valuation Still Attractive

Standpoint Research upgraded Freeport-McMoRan (NYSE: FCX) from Hold to Buy with a price target of $48.00.

Standpoint analyst, Ronnie Moas, said, "Even though I think smart money may be selling the rally today, I do want to reinstate three names that came down hard since our downgrades and those names are FCX, Symantec (Nasdaq: SYMC) and Tempur Pedic Intl (NYSE: TPX). FCX was dropped at $42.56 on 28-Oct with a 30% gain and + 2000 bps versus the S&P-500 ... FCX is now trading < $36, 8X estimates for next year and 40% off the 52-week high."

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 $33.82 yesterday.

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