Freeport-McMoRan Upgraded to “Buy” by Bank of America (FCX)
Freeport-McMoRan (NYSE:FCX) was upgraded by stock analysts at Bank of America from a “hold” rating to a “buy” rating in a report issued on Monday. The firm currently has a $42.00 price objective on the stock. Bank of America’s price target would suggest a potential upside of 15.10% from the stock’s previous close.
Freeport-McMoRan (NYSE:FCX) traded up 1.34% on Monday, hitting $36.9799. 2,948,020 shares of the company’s stock traded hands. Freeport-McMoRan has a 1-year low of $30.10 and a 1-year high of $39.32. The stock has a 50-day moving average of $37.44 and a 200-day moving average of $34.36. The company has a market cap of $38.422 billion and a price-to-earnings ratio of 15.15.
Freeport-McMoRan (NYSE:FCX) last issued its quarterly earnings data on Wednesday, July 23rd. The company reported $0.46 earnings per share for the quarter, missing the analysts’ consensus estimate of $0.49 by $0.03. The company had revenue of $5.52 billion for the quarter, compared to the consensus estimate of $5.24 billion. During the same quarter last year, the company posted $0.49 earnings per share. Freeport-McMoRan’s revenue was up 28.8% compared to the same quarter last year. Analysts expect that Freeport-McMoRan will post $2.43 EPS for the current fiscal year.
Other equities research analysts have also recently issued reports about the stock. Analysts at Argus upgraded shares of Freeport-McMoRan from a “hold” rating to a “buy” rating in a research note on Monday. They now have a $42.00 price target on the stock, up previously from $36.49. Separately, analysts at Zacks reiterated a “neutral” rating on shares of Freeport-McMoRan in a research note on Monday, August 4th. They now have a $39.00 price target on the stock. Finally, analysts at Macquarie reiterated an “outperform” rating on shares of Freeport-McMoRan in a research note on Monday, July 28th. They now have a $45.00 price target on the stock, up previously from $40.00. Four analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company. The stock presently has an average rating of “Buy” and a consensus target price of $41.90.
Freeport-McMoRan Inc is a United States-based natural resources company with a global portfolio of mineral assets, including copper, gold, and molybdenum, in addition to oil and gas resources.
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