International mining company, Freeport-McMoRan Copper & Gold
) sees several downgrades on Thursday following Wednesdays reported
Following FCX's report to acquire both Plains Exploration &
) and McMoRan Exploration Co.(
) yesterday, several firms are downgrading the company. Many
analysts believe that the acquisition will result in too much
change in the company's strategies.
Deutsche Bank downgraded FCX from a "Buy" to a "Hold," and has
given the company a price target of $40. This price target suggests
a 21% increase over the stock's current price of $31.45.
Goldman Sachs reported that they have downgraded the company
from a "Buy" to "Neutral," with a price target of $38. This price
target would be a 17% increase over the stock's current price.
BMO Capital downgraded FCX to "Market Perform," and have given
the company a $30 price target. This price target suggests a slight
decline from the stock's current price.
Citigroup also downgraded FCX, lowering the company's rating
from a "Buy" to "Neutral," and giving the company a $35 price
target. The firms price target suggests a 10% upside to the stock's
Freeport-McMoRan shares were down 68 cents, or -2.11% during
premarket trading Thursday. The stock is down -10.67% YTD.
The Bottom Line
Shares of Freeport McMoran (
) have a 3.89% dividend yield, based on last night's closing stock
price of $32.16. The stock has technical support in the $26-$30
price area. If the shares can firm up, we see overhead resistance
around the $34-$37 price levels.
Freeport-McMoRan Copper & Gold Inc.(
)is not recommended at this time, holding a Dividend.com DARS™
Rating of 3.1 out of 5 stars.
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, as well as a detailed explanation of
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