Freeport McMoRan best pick in U.S. metals and mining sector, says Bernstein Bernstein identifies Freeport McMoRan as its Best of Bernstein pick in the U.S. metals and mining sector. The firm expects the company to benefit from 25% copper production growth and copper price increases, and it thinks the company's energy assets have significant potential. Bernstein finds the stock's valuation attractive and has a $40 price target and Outperform rating on the shares.
Freeport McMoRan downgraded at BofA/Merrill As previously reported, BofA/Merrill downgraded Freeport McMoRan to Underperform from Neutral. The firm lowered Freeport McMoRan free cash flow estimates and price target to $19 from $22.50 following a reduction in copper and Brent oil price forecasts and said it does not expect a recovery until 2017 and the dispute over Grasberg remains an overhang.