M&A Can Save Freeport-McMoRan (FCX) - Jefferies

Jefferies analyst Christopher LaFemina raised his price target on Hold-rated Freeport-McMoRan (NYSE: FCX) to $6.50 (from $5.00), saying M&A can save the company.

LaFemina commented, "M&A activity in the mining sector should increase this year as leveraged miners consider selling high quality assets and miners with financial flexibility are ready to buy. In the case of FCX, a copper asset sale would be a positive for its share price as a sale would improve the company's liquidity and unlock value, based on our analysis. We retain our Hold rating on FCX shares, but near-term downside risk has diminished as an asset sale may happen in 1H16."

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 $5.27 yesterday.

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