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Downgrade Alert for Freeport-McMoRan (FCX)

By Amy Schwartz

Freeport-McMoRan (NYSE:FCX) was downgraded from Neutral to Underperform at BofA/Merrill today. The stock closed yesterday at $18.30 on volume of 13.7 million shares, below average daily volume of 18.6 million.

There is potential upside of 0.0% for shares of Freeport-McMoRan based on a current price of $0.00 and an average consensus analyst price target of $25.25. The stock should run into initial resistance at its 50-day moving average (MA) of $19.33 and subsequent resistance at its 200-day MA of $27.87.

Freeport-McMoRan Copper & Gold, Inc., through its subsidiary, is a copper, gold and molybdenum mining company. The Company primarily mines for copper and owns mining interests in Chile and Indonesia. Freeport-McMoRan Copper & Gold also, through a subsidiary, is involved in smelting and refining of copper concentrates.

Over the past year, Freeport-McMoRanhas traded in a range of $0.00 to $39.32 and are now at $0.00. Over the last five market days, the 200-day moving average (MA) has gone down 1.4% while the 50-day MA has remained constant.

SmarTrend is tracking the current trend status for Freeport-McMoRan and will alert subscribers who have FCX in their portfolio or watchlist when shares have changed trend direction.

Keywords: analyst upgrades/downgrades freeport-mcmoran

Ticker(s): FCX