Jefferies Upgrades Freeport-McMoRan (FCX) to Buy; $15 PT

Jefferies upgraded Freeport-McMoRan (NYSE: FCX) from Hold to Buy with a price target of $15.00 (from $12.50).

Analyst Christopher LaFemina commented, "Despite the macro risks, we are more positive on FCX shares now than we were earlier this year as the company is making accretive asset sales and is entering a period of strong FCF due to lower costs and capex. FCX should also benefit from a recovery in the copper price as the market shifts to deficits later this decade. After strong performance YTD but a 21% pullback in these shares over the past two weeks (S&P 500 is flat), it is time to buy FCX now."

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 $11.04 yesterday.

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