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Downgrade Alert for Freeport-McMoRan (FCX)

By Nick Russo

Freeport-McMoRan (NYSE:FCX) was downgraded from Outperform to Market Perform at FBR Capital today. The stock closed yesterday at $35.62 on volume of 12.2 million shares, above average daily volume of 8.9 million.

In the past 52 weeks, Freeport-McMoRan share prices have been bracketed by a low of $26.37 and a high of $38.09 and closed yesterday at $35.63, 35% above that low price. Over the past week, the 200-day moving average (MA) has remained constant while the 50-day MA has declined 0.3%.

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 12.9% exists for Freeport-McMoRan, based on a current level of $35.63 and analysts' average consensus price target of $40.21. The stock should hit resistance at its 50-day moving average (MA) of $35.91, as well as support at its 200-day MA of $32.35.

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