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Downgrade Alert for Freeport-McMoRan (FCX)

By Shiri Gupta

Freeport-McMoRan (NYSE:FCX) was downgraded from Buy to Neutral at UBS today. The stock closed yesterday at $8.97 on volume of 84.7 million shares, above average daily volume of 62.1 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.

Freeport-McMoRan share prices have moved between a 52-week high of $23.97 and a 52-week low of $3.52 and closed yesterday at 155% above that low price at $8.97 per share. The 200-day and 50-day moving averages have moved 1.93% lower and 1.76% higher over the past week, respectively.

Potential upside of 59.3% exists for Freeport-McMoRan, based on a current level of $8.97 and analysts' average consensus price target of $14.29. The stock should find resistance at its 200-day moving average (MA) of $11.15, as well as support at its 50-day MA of $5.81.

SmarTrend recommended that subscribers consider buying shares of Freeport-McMoRan on February 4th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $5.56. Since that recommendation, shares of Freeport-McMoRan have risen 61.3%. We continue to monitor FCX for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: analyst upgrades/downgrades freeport-mcmoran

Ticker(s): FCX