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Downgrade Alert for Freeport-McMoRan (FCX)

By David Diaz

Freeport-McMoRan (NYSE:FCX) was downgraded from Equal Weight to Underweight at Morgan Stanley today. The stock closed yesterday at $9.80 on volume of 48.0 million shares, below average daily volume of 48.3 million.

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.

In the past 52 weeks, shares of Freeport-McMoRan have traded between a low of $3.52 and a high of $23.97 and closed yesterday at $9.80, which is 178% above that low price. The 200-day and 50-day moving averages have moved 0.77% lower and 3.89% higher over the past week, respectively.

Potential upside of 45.8% exists for Freeport-McMoRan, based on a current level of $9.80 and analysts' average consensus price target of $14.29. Freeport-McMoRan shares should encounter resistance at the 50-day moving average (MA) of $10.33 and support at its 200-day MA of $9.24.

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