Copper producer Freeport-McMoRan Copper & Gold Inc. (
) on Tuesday saw its earnings estimates reduced by analysts at
UBS said it cut its estimates for FCX through 2012, citing
near-term uncertainty stemming from a labor dispute at its Grasberg
mine in Indonesia. Workers at that mine recently turned down a 35%
wage increase offer.
The firm maintained its "Buy" rating and $52 price target on
FCX, however, suggesting a 26% upside to the stock's Monday closing
price of $41.26.
Freeport-McMoRan shares rose 59 cents, or +1.5%, in premarket
The Bottom Line
Shares of Freeport McMoran (
) have a 2.42% dividend yield, based on last night's closing stock
price of $41.26. The stock has technical support in the $35 price
area. If the shares can firm up, we see overhead resistance around
the $45 price level.
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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