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Downgrade Alert for Freeport-McMoRan (FCX)

By James Quinn

Freeport-McMoRan (NYSE:FCX) was downgraded from Buy to Neutral at Goldman Sachs today. The stock closed yesterday at $35.80 on volume of 9.6 million shares, below average daily volume of 11.5 million.

Potential upside of 11.1% exists for Freeport-McMoRan, based on a current level of $35.79 and analysts' average consensus price target of $39.78. The stock should find initial support at its 50-day moving average (MA) of $35.22 and further support at its 200-day MA of $31.95.

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 $39.54 and a 52-week low of $26.37 and closed yesterday at 36% above that low price at $35.79 per share. The 200-day and 50-day moving averages have moved 0.02% higher and 0.49% higher over the past week, respectively.

SmarTrend recommended that subscribers consider buying shares of Freeport-McMoRan on August 8th, 2013 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $30.61. Since that recommendation, shares of Freeport-McMoRan have risen 16.9%. We continue to monitor FCX for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: analyst upgrades/downgrades freeport-mcmoran

Ticker(s): FCX