Downgrade Alert for Freeport-McMoRan (FCX)
Freeport-McMoRan (NYSE:FCX) was downgraded from Buy to Neutral at Citigroup today. The stock closed yesterday at $32.16 on volume of 153.5 million shares, above average daily volume of 13.6 million.
Over the past year, Freeport-McMoRan has traded in a range of $31.08 to $48.96 and closed yesterday at $32.16, 3% above that low. Over the last five market days, the 200-day moving average (MA) has gone down 0.2% while the 50-day MA has advanced 0.5%.
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 has overhead space with shares priced $32.16, or 35.7% below the average consensus analyst price target of $50.05. The stock should run into initial resistance at its 200-day moving average (MA) of $37.74 and subsequent resistance at its 50-day MA of $39.42.
SmarTrend recommended that its subscribers protect gains by selling shares of Freeport-McMoRan on November 9th, 2012 by issuing a Downtrend alert when the shares were trading at $38.59. Since that call, shares of Freeport-McMoRan have fallen 16.7%. 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