Nomura Securities Starts Freeport-McMoRan (FCX) at Neutral

Nomura Securities initiates coverage on Freeport-McMoRan (NYSE: FCX) with a Neutral. PT $40.00.

Analyst, Curt Woodworth, said, "We are neutral on shares based on concerns for declining copper prices over the next two years as mine supply catches up with demand, reflective of our bearish assumptions for Chinese demand growth. We consider 2012E EV/EBITDA multiple of 4.5x and 4.8% FCF yield as attractive, but copper risk should limit multiple expansion. FY12E/13E revenues $20511m / $22193m; 2012E/2013E EPS $4.22 / $4.83."

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 $42.91 yesterday.

---

Serious News for Serious Traders! Try StreetInsider.com Premium Free!

---

You May Also Be Interested In

• Freeport-McMoran (FCX) call put ratio 1.1 calls to 1 put
• Lake Street Starts RF Industries Ltd. (RFIL) at Buy
• ICICI Securities Resumes Oberoi Realty Ltd (OBER:IN) at Buy (1)