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Downgrade Alert for Freeport-McMoRan (FCX)

By Amy Schwartz

Freeport-McMoRan (NYSE:FCX) was downgraded from Buy to Hold at Stifel today. The stock closed yesterday at $36.39 on volume of 7.1 million shares, below average daily volume of 9.9 million.

Freeport-McMoRan share prices have moved between a 52-week high of $39.32 and a 52-week low of $30.10 and closed yesterday at 21% above that low price at $36.39 per share. Over the last five market days, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 0.4%.

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.

Potential upside of 15.6% exists for Freeport-McMoRan, based on a current level of $36.39 and analysts' average consensus price target of $42.06. The stock should find resistance at its 50-day moving average (MA) of $36.67, as well as support at its 200-day MA of $34.88.

SmarTrend is monitoring the recent change of momentum in Freeport-McMoRan. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Freeport-McMoRan in search of a potential trend change.

Keywords: analyst upgrades/downgrades freeport-mcmoran

Ticker(s): FCX