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Downgrade Alert for Freeport-McMoRan (FCX)

By Amy Schwartz

Freeport-McMoRan (NYSE:FCX) was downgraded from Buy to Hold at Argus Research today. The stock closed yesterday at $4.35 on volume of 31.6 million shares, below average daily volume of 62.8 million.

There is potential upside of 228.4% for shares of Freeport-McMoRan based on a current price of $4.35 and an average consensus analyst price target of $14.29. Freeport-McMoRan shares should first meet resistance at the 50-day moving average (MA) of $6.19 and find additional resistance at the 200-day MA of $12.73.

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 $4.35, which is 24% above that low price. The 200-day and 50-day moving averages have moved 1.87% lower and 3.83% lower over the past week, respectively.

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.

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 60.2%. 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