UPDATE: BofA/Merrill Lynch Upgrades Freeport-McMoRan (FCX) to Buy

(update analyst name, PT, comment)

BofA/Merrill Lynch analyst Timna Tanners upgraded Freeport-McMoRan (NYSE: FCX) from Neutral to Buy, PT $14.00 (from $10.00).

The analyst comments "We upgrade FCX to Buy from Neutral, as we look past another “transition year” at its key Grasberg asset to an eventual full contribution both for copper and its key gold production."

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 $10.99 yesterday.

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