Freeport-McMoRan Upgraded to “Buy” at Goldman Sachs (FCX)

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Mining giant Freeport-McMoRan Copper & Gold Inc. ( FCX ) on Monday caught a big upgrade from analysts at Goldman Sachs.

The firm boosted its rating on FCX from "Neutral" to "Buy," citing expected continuous improvement in copper fundamentals. Goldman even predicted that copper will likely be in a deficit in the first half of 2011.

The firm also raised its price target for FCX to $84 from $79, which represents a small expected upside from the stock's Friday closing price of $81.72.

Freeport-McMoRan shares rose 83 cents, or +1%, in premarket trading Monday.

The Bottom Line
Shares of FCX have a 1.47% dividend yield, based on last night's closing stock price of $81.72. The stock has technical support in the $75 price area. If the shares can firm up, we see overhead resistance around the $85 price level. We would remain on the sidelines for now.

Freeport-McMoRan Copper & Gold Inc. ( FCX ) is not recommended at this time, holding a DARS™ Rating of 3.3 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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