New Buy Rating for Freeport-McMoRan (FCX), the Basic Materials Giant
Bank of America Securities analyst Lawson Winder maintained a Buy rating on Freeport-McMoRan yesterday and set a price target of $74.00. The company’s shares closed yesterday at $57.50.
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Winder covers the Basic Materials sector, focusing on stocks such as Steel Dynamics, Reliance Steel, and Nucor. According to TipRanks, Winder has an average return of 13.7% and a 52.88% success rate on recommended stocks.
In addition to Bank of America Securities, Freeport-McMoRan also received a Buy from Goldman Sachs’s Nick Cash in a report issued yesterday. However, on the same day, Morgan Stanley maintained a Hold rating on Freeport-McMoRan (NYSE: FCX).
Based on Freeport-McMoRan’s latest earnings release for the quarter ending March 31, the company reported a quarterly revenue of $6.23 billion and a net profit of $881 million. In comparison, last year the company earned a revenue of $5.55 billion and had a net profit of $346 million
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- Freeport-McMoRan price target lowered to $74 from $75 at Goldman Sachs
- Freeport-McMoRan price target raised to $70 from $66 at Morgan Stanley
- Moderately bullish activity in Freeport McMoRan with shares up 2.07%
- Freeport-McMoRan price target raised to $77 from $75 at UBS
- Cboe data shows mixed options sentiment in Freeport McMoRan with shares down 1.41%
