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Upgrade Alert for Freeport-McMoRan (FCX)

By Amy Schwartz

Freeport-McMoRan (NYSE:FCX) was upgraded from Hold to Buy at Deutsche Bank today. The stock closed yesterday at $10.69 on volume of 24.9 million shares, below average daily volume of 48.3 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 33.6% for shares of Freeport-McMoRan based on a current price of $10.69 and an average consensus analyst price target of $14.29. The stock should discover initial support at its 50-day moving average (MA) of $10.33 and subsequent support at its 200-day MA of $9.24.

In the past 52 weeks, Freeport-McMoRan share prices have been bracketed by a low of $3.52 and a high of $23.97 and closed yesterday at $10.69, 204% above that low price. The 200-day and 50-day moving averages have moved 0.77% lower and 3.89% higher over the past week, respectively.

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