Citigroup Upgrades Freeport-McMoRan to “Buy” (FCX)


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Copper producer Freeport-McMoRan Copper & Gold Inc. ( FCX ) on Tuesday caught a big upgrade from analysts at Citigroup.

The firm said it boosted its rating on FCX from "Neutral" to "Buy" with a $45 price target. That target suggests a 22% upside to the stock's Monday closing price of $36.92. Citigroup cited the stock's recent underperformance relative to copper prices as well as an unusual breakdown of historically tight correlations for the upgrade.

Freeport-McMoRan shares rose 33 cents, or +0.9%, in premarket trading Tuesday.

The Bottom Line
Shares of Freeport McMoran ( FCX ) have a 3.39% dividend yield, based on last night's closing stock price of $36.92. The stock has technical support in the $32-$35 price area. If the shares can firm up, we see overhead resistance around the $40 price level.

Freeport-McMoRan Copper & Gold Inc. ( FCX ) is not recommended at this time, holding a 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 .

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

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This article appears in: Investing , Stocks

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