Nomura Securities Maintains a 'Neutral' on Freeport-McMoRan (FCX); Continued Concern Over Copper
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Price: $66.49 -0.51%
Rating Summary:
28 Buy, 7 Hold, 2 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Rating Summary:
28 Buy, 7 Hold, 2 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
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Nomura Securities maintains a 'Neutral' on Freeport-McMoRan (NYSE: FCX) price target of $40.00.
Analyst, Curt Woodworth, said, "We maintain Neutral rating on FCX, as we see continued concerns over lower copper prices due to China-fueled demand risks, higher inventory levels, and concerns around the new Indonesian mining law, despite increasingly attractive valuations and quality volume growth. Factors such as slowing china copper demand, Indonesian mining law that contributed to share underperformance are likely to linger. F12E/F13E EPS from $4.22/$4.83 to $3.30/$4.30, respectively, reflecting increased cash costs due to cost inflation from higher fuel prices and labor costs, and reduced 2012 production volumes due to the Grasberg disruption."
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 $38.03 yesterday.
Analyst, Curt Woodworth, said, "We maintain Neutral rating on FCX, as we see continued concerns over lower copper prices due to China-fueled demand risks, higher inventory levels, and concerns around the new Indonesian mining law, despite increasingly attractive valuations and quality volume growth. Factors such as slowing china copper demand, Indonesian mining law that contributed to share underperformance are likely to linger. F12E/F13E EPS from $4.22/$4.83 to $3.30/$4.30, respectively, reflecting increased cash costs due to cost inflation from higher fuel prices and labor costs, and reduced 2012 production volumes due to the Grasberg disruption."
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 $38.03 yesterday.
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