Goldman Sachs reported on Friday that it has upgraded mining company, Freeport-McMoRan Copper & Gold Inc. (FCX) to “Buy.”
The firm has raised its rating on FCX from “Neutral” to “Buy,” and has increased its price target from $38 to $42. This price target suggests a 27% upside from the stock’s current price of $33.83.
Although the firm downgraded FCX in December following the news of a merger between Plains Exploration & Production Company (PXP) and Mcmoran Exploration Co (MMR), Goldman Sachs now sees value in FCX’s stock copper fundamentals continue to be strong.
Goldman Sachs noted, “we expect multiple expansion as investor focus returns to FCX’s fundamentals.”
Freeport-McMoRan shares were up 69 cents, or 2.08% during premarket trading Friday. The stock has declined -14.5% in the past year.
The Bottom Line
Shares of Freeport-McMoRan Copper & Gold Inc. (FCX) have a 3.77% yield, based on Thursday’s closing price of $33.16.
Freeport-McMoRan Copper & Gold Inc. (FCX) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.1 out of 5 stars.