Jefferies analyst Christopher LaFemina bumped his price target on Freeport-McMoRan (NYSE: FCX) to $11.00 (from $10.00) but maintained a Hold rating

LaFemina commented, "FCX reported a largely in line quarter with an adjusted loss of $0.16/sh. Management remains confident in its asset sale targets. Cerro Verde ramped up to full production levels during in 1Q and is expected to produce over 1bn lbs of copper in '16. We maintain our Hold rating as we expect near-term copper supply growth to weigh on copper prices and offset tailwinds from accretive asset sales and improving Chinese demand."

The firm cut FY 2016 EPS from $0.71 to $0.58 and FY 2017 EPS from $1.09 to $1.03.

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 $11.48 yesterday.