Jefferies analyst Peter Ward reiterated a Buy rating and raised his price target on Freeport-McMoRan (NYSE: FCX) to $50.00 (from $45.00), saying shares remain their top pick.

Ward comments, "Despite strong performance over the past few months, FCX remains our top pick in North American mining. We see the potential for substantial further upside over the next few years. We believe the market substantially underappreciates the potential for a sustained period of high copper prices."

The firm cut FY 2014 EPS from $3.00 to $2.65 and FY 2015 EPS from $4.60 to $3.65.

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 $38.55 yesterday.