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Downgrade Alert for Freeport-McMoRan (FCX)

By James Quinn

Freeport-McMoRan (NYSE:FCX) was downgraded from Outperform to Neutral at Macquarie today. The stock closed yesterday at $5.61 on volume of 66.6 million shares, above average daily volume of 45.1 million.

Potential upside of 154.6% exists for Freeport-McMoRan, based on a current level of $5.61 and analysts' average consensus price target of $14.29. The stock should find initial resistance at its 50-day moving average (MA) of $8.29 and further resistance at its 200-day MA of $13.99.

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.

Freeport-McMoRan share prices have moved between a 52-week high of $23.97 and a 52-week low of $5.43 and closed yesterday at 3% above that low price at $5.61 per share. Over the last five market days, the 200-day moving average (MA) has gone down 2.1% while the 50-day MA has declined 6.4%.

SmarTrend recommended that its subscribers protect gains by selling shares of Freeport-McMoRan on November 6th, 2015 by issuing a Downtrend alert when the shares were trading at $10.93. Since that call, shares of Freeport-McMoRan have fallen 48.7%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: analyst upgrades/downgrades freeport-mcmoran

Ticker(s): FCX