Morgan Stanley analyst Carlos De Alba maintained a Buy rating on Freeport-McMoRan (FCX – Research Report) today and set a price target of $58.00. The company’s shares closed yesterday at $49.77.
According to TipRanks, De Alba is a 5-star analyst with an average return of 16.6% and a 57.65% success rate. De Alba covers the Basic Materials sector, focusing on stocks such as Teck Resources, Alcoa, and Cleveland-Cliffs.
The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Freeport-McMoRan with a $55.33 average price target.
Based on Freeport-McMoRan’s latest earnings release for the quarter ending June 30, the company reported a quarterly revenue of $6.62 billion and a net profit of $616 million. In comparison, last year the company earned a revenue of $5.74 billion and had a net profit of $343 million
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Freeport-McMoRan (FCX) Company Description:
Founded in 1987 and based in Arizona, Freeport-McMoRan, Inc. is a leading mining company, and focuses on exploring copper, gold, and molybdenum. Its portfolio of assets includes the Grasberg minerals district in Indonesia, one of the world’s largest copper and gold deposits; and significant mining operations in North America and South America, including the large-scale Morenci minerals district in Arizona and the Cerro Verde operation in Peru.
Read More on FCX:
- Scotiabank downgrades Freeport-McMoRan on recent share rally
- Freeport-McMoRan downgraded to Sector Perform from Outperform at Scotiabank
- Early notable gainers among liquid option names on September 24th
- Freeport-McMoRan price target lowered to $58 from $60 at Morgan Stanley
- Freeport-McMoRan upgraded to Buy from Neutral at UBS
