Analyst Actions: Freeport-McMoRan Downgraded to Hold at Deutsche Bank, PT Cut $10; Shares Down 2% Early

By Staff,

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Freeport-McMoRan Copper & Gold Inc. ( FCX ) has been downgraded to a Hold from a Buy at Deutsche Bank, while the price target on the international mining company was lowered to $40 from $50.

MarketWatch reports that the downgrade and price target reduction were a result of FCX's acquisitions of Plains Exploration & Production Company ( PXP ) and McMoRan Exploration ( MMR ), both of which Deutsche said it does not support.

Shares of FCX are down 1.55% to $31.66 in pre-market trade, in the low end of a 52-week range of $31.08 - $48.96. PXP is flat at 44.50, while MMR is is down 0.57% to $15.73.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Copyright (C) 2014 All rights reserved. Unauthorized reproduction is strictly prohibited.

This article appears in: Investing Commodities
Referenced Stocks: FCX , MMR , PXP

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