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Freeport-McMoRan’s Target Cut at Morgan Stanley (FCX)

Copper mining giant Freeport-McMoRan Copper & Gold Inc. ( FCX ) on Monday saw its price target lowered by analysts at Morgan Stanley.

The firm said it cut its price target on FCX to $65, which still suggests a massive 55% upside to the stock's Friday closing price of $41.94.

Morgan Stanley maintained its "Overweight" rating on the stock, but noting the company's fading risk appetite is becoming a concern.

Freeport-McMoRan shares rose $1.33, or +3.2%, in premarket trading Monday.

The Bottom Line

Shares of Freeport McMoran ( FCX ) have a 2.38% dividend yield, based on Friday's closing stock price of $41.94. The stock has technical support in the $35-$40 price area. If the shares can firm up, we see overhead resistance around the $90-$92 price levels.

Freeport-McMoRan Copper & Gold Inc. ( FCX ) is not recommended at this time, holding a Dividend.com 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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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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