Freeport-McMoRan (FCX) Outlook is Better Than Perceived - Jefferies
- Wall Street closes rollercoaster week sharply lower
- Invesco (IVZ) Reportedly in Talks to Merge With State Street's (STT) Asset Management Business, Citi Sees More Cons than Pros
- FDA Votes "No" on Pfizer (PFE) Booster for 16+ Age Group, 2 Yes 16 No
- Jefferies Raises Price Targets on Alphabet (GOOGL) and Facebook (FB) as They Are Still Inexpensive Relative to Growth, Reiterates Snap (SNAP) as a Best Growth Idea
- Tesla (TSLA) Could Deliver 900K EV Units This Year and 1.3M in 2022 - Wedbush
Get inside Wall Street with StreetInsider Premium. Claim your 1-week free trial here.
Jefferies analyst Christopher LaFemina reiterated a Buy rating and $60.00 price target on Freeport-McMoRan (NYSE: FCX) after digging deeper into the results and the outlook and finding more reasons to be more positive on FCX shares including good operating performance, insights regarding high-return, low capital intensity projects at Lone Star and Grasberg, and a very substantial and unique, low-risk organic growth pipeline.
The analyst stated "We expect FCX shares to perform well between now and year-end." He went on to state "2Q production was slightly ahead of expectations, but sales missed due to shipping delays at Grasberg. This is purely a timing issue, and these volumes should flow through in 3Q. Unit cash costs of $1.48/lb were higher than guidance of $1.42, but if we exclude the one off $0.07/lb impact of a new labor agreement at Cerro Verde, net cash costs were actually $0.01/lb below guidance."
Shares of Freeport-McMoRan closed at $34.80 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Ashtead Group Plc (AHT:LN) (ASHTY) PT Raised to GBP62.30 at Barclays
- SUSE S.A. (SUSE:GR) PT Raised to EUR41 at Deutsche Bank
- United Internet AG (UTDI:GR) PT Raised to EUR45 at Barclays
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst EPS View
Related EntitiesJefferies & Co
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!