Analyst Actions: Freeport-McMoRan Downgraded to Hold at Deutsche Bank, PT Cut $10; Shares Down 2% Early
Freeport-McMoRan Copper & Gold Inc. ( FCX ) has been downgraded to a Hold from a Buy at Deutsche Bank, while the price target on the international mining company was lowered to $40 from $50.
MarketWatch reports that the downgrade and price target reduction were a result of FCX's acquisitions of Plains Exploration & Production Company ( PXP ) and McMoRan Exploration ( MMR ), both of which Deutsche said it does not support.
Shares of FCX are down 1.55% to $31.66 in pre-market trade, in the low end of a 52-week range of $31.08 - $48.96. PXP is flat at 44.50, while MMR is is down 0.57% to $15.73.