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Downgrade Alert for Freeport-McMoRan (FCX)

By James Quinn

Freeport-McMoRan (NYSE:FCX) was downgraded from Buy to Hold at Jefferies today. The stock closed yesterday at $4.31 on volume of 117.4 million shares, above average daily volume of 46.0 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.

There is potential upside of 231.5% for shares of Freeport-McMoRan based on a current price of $4.31 and an average consensus analyst price target of $14.29. The stock should run into initial resistance at its 50-day moving average (MA) of $8.02 and subsequent resistance at its 200-day MA of $13.85.

Freeport-McMoRan share prices have moved between a 52-week high of $23.97 and a 52-week low of $4.23 and closed yesterday at 2% above that low price at $4.31 per share. Over the past week, the 200-day moving average (MA) has gone down 1.5% while the 50-day MA has declined 4.8%.

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 60.6%. 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