Freeport-McMoRan price target raised to $51 from $49 at Raymond James

Raymond James raised the firm’s price target on Freeport-McMoRan (FCX) to $51 from $49 and keeps an Outperform rating on the shares. The firm updated its commodity price forecasts for the precious and base metals complex. It increased gold and silver price estimates in the near and long term to reflect the strong year-to-date performance, sector demand at higher than historical levels, and continued political uncertainty. Long-term price forecasts were increased on higher reserve and resource pricing driving higher operating costs and incentive pricing, the analyst tells investors in a research note.