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Downgrade Alert for Freeport-McMoRan (FCX)

By Amy Schwartz

Freeport-McMoRan (NYSE:FCX) was downgraded from Strong Buy to Neutral at Tigress Financial today. The stock closed yesterday at $32.96 on volume of 9.1 million shares, above average daily volume of 7.2 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.

Potential upside of 27.6% exists for Freeport-McMoRan, based on a current level of $32.96 and analysts' average consensus price target of $42.06. Freeport-McMoRan shares should first meet resistance at the 200-day moving average (MA) of $34.76 and find additional resistance at the 50-day MA of $36.31.

In the past 52 weeks, shares of Freeport-McMoRan have traded between a low of $30.38 and a high of $39.32 and closed yesterday at $32.96, which is 8% above that low price. Over the past week, the 200-day moving average (MA) has remained constant while the 50-day MA has declined 0.9%.

SmarTrend recommended that its subscribers protect gains by selling shares of Freeport-McMoRan on August 1st, 2014 by issuing a Downtrend alert when the shares were trading at $36.95. Since that call, shares of Freeport-McMoRan have fallen 10.8%. 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