Freeport-McMoRan’s Target Upped at Barclays Capital (FCX)


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Mining giant Freeport-McMoRan Copper & Gold Inc.( FCX ) on Friday saw its price target boosted by analysts at Barclays Capital.

The firm raised its target for FCX to $130 from $120. That new target implies a massive 42% upside to the stock's Thursday closing price of $91.40.

A Barclays analyst said that despite macroeconomic uncertainty throughout this past summer, the firm remains confident in its bullish copper thesis.

Freeport-McMoRan shares were mostly flat in premarket trading Friday.

The Bottom Line
Shares of FCX have a 1.31% dividend yield, based on last night's closing stock price of $91.40. The stock has technical support in the $85 price area. If the shares can firm up, we see overhead resistance around the $100 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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