Raymond James analyst Brian MacArthur lowered the firm’s price target on Freeport-McMoRan (FCX) to $46 from $55 and keeps an Outperform rating on the shares after the company updated on the status of the previously reported mud rush incident at the Grasberg Block Cave mine in Indonesia. Mining operations have been temporarily suspended and consolidated Q3 sales are expected to be about 4% lower for copper and about 6% lower for gold than the company’s July estimate, the analyst noted.
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Read More on FCX:
- Scotiabank downgrades Freeport on ‘significant overhang’ from mudslide
- Freeport-McMoRan downgraded to Neutral from Buy at Clarksons
- JPMorgan cuts Freeport-McMoRan, removes from Focus List
- Freeport-McMoRan price target lowered to $42.50 from $50 at UBS
- Freeport-McMoRan upgraded to Outperform from Market Perform at Bernstein