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Upgrade Alert for Freeport-McMoRan (FCX)

By Shiri Gupta

Freeport-McMoRan (NYSE:FCX) was upgraded from Hold to Buy at Jefferies today. The stock closed yesterday at $11.51 on volume of 60.3 million shares, above average daily volume of 48.3 million.

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 $11.51, 227% above that low price. Over the last five market days, the 200-day moving average (MA) has gone down 0.8% while the 50-day MA has advanced 3.9%.

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 (NYSE:FCX) has potential upside of 24.1% based on a current price of $11.51 and analysts' consensus 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.

SmarTrend is monitoring the recent change of momentum in Freeport-McMoRan. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Freeport-McMoRan in search of a potential trend change.

Keywords: analyst upgrades/downgrades freeport-mcmoran

Ticker(s): FCX