UBS has lowered its price target for mining company, Freeport-McMoRan Copper & Gold Inc.(FCX) on Tuesday.
The firm currently has a “Buy” rating on FCX, and has lowered its price target to $47. This price target suggests a 16% increase over the stock’s current price of $39.31, and a 21% increase over the stock’s YTD price of $36.79.
Analysts have lowered the price target for FCX partially due to lowered production guidance at its Grasberg mining project.
Freeport-McMoRan shares were down $1.19, or -2.93% on Tuesday morning.
The Bottom Line
Shares of Freeport-McMoran (FCX) have a 3.08% dividend yield, based on last night’s closing stock price of $40.58. The stock has technical support in the $36-$38 price area. If the shares can firm up, we see overhead resistance around the $44-$47 price levels.
Freeport-McMoRan Copper & Gold Inc.(FCX) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.2 out of 5 stars.