Freeport-McMoRan, Goldcorp Upgraded to “Buy” at Deutsche Bank (DB)

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Analysts at Deutsche Bank on Monday got a bit more bullish on commodities, upgrading copper giant Freeport-McMoRan Copper & Gold Inc. ( FCX ) and gold producer Goldcorp Inc. ( GG ).

The firm said it boosted its rating on FCX from "Hold" to "Buy" while lifting its price target from $48 to $60. That new target suggests an unbelievably-high upside of 97% to the stock's Friday closing price of $30.45.

Meanwhile, Deutsche also upgraded GG from "Hold" to buy and boosted its target from $54 to $56. That new target suggests a more realistic 23% upside to GG's Friday closing price of $45.63.

FCX shares fell 20 cents, or -0.7%, in premarket trading Monday, while GG shares were up 91 cents or +2%.

The Bottom Line
Shares of Freeport McMoran ( FCX ) have a 3.28% dividend yield, based on Friday's closing stock price of $30.45. The stock has technical support in the $23-$26 price area. If the shares can firm up, we see overhead resistance around the $35 price level. Shares of Goldcorp ( GG ) have a .89% dividend yield, based on Friday's closing stock price of $45.64. The stock has technical support in the 40-$42 price area. If the shares can firm up, we see overhead resistance around the $48-$50 price levels.

Freeport-McMoRan Copper & Gold Inc. ( FCX ) and Goldcorp Inc. ( GG ) are both rated "Neutral" by Dividend.com

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 The NASDAQ OMX Group, Inc.

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This article appears in: Investing , Stocks

Referenced Stocks: FCX , GG

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