Citi upgraded Freeport-McMoRan (FCX) to Buy from Neutral with an unchanged $48 price target The firm has raised its copper price forecasts and now expects the metal to reach $12,000 in the first half of 12,000, the analyst tells investors in a research note. The stock is oversold following the Grasberg incident and represents a rare opportunity to buy into the world’s largest copper miner at a discount, the firm added.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on FCX:
- Freeport-McMoRan upgraded to Buy from Neutral at Citi
- Southern Copper initiated with an Equal Weight at Wells Fargo
- Freeport-McMoRan initiated with an Overweight, named Top Pick at Wells Fargo
- Moderately bullish activity in Freeport McMoRan with shares up 1.6%
- Freeport-McMoRan Grasberg Mine Incident Investigation Update