October 23, 2012 at 09:51 AM EDT
UBS Lowers Price Target on Freeport McMoRan (FCX)

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.

Be sure to visit our complete recommended list of the Best Dividend Stocks, as well as a detailed explanation of our ratings system here.

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