McMoRan Exploration could go above $18 per shares, says Susquehanna McMoRan Exploration (MMR) is being acauired by Freeport McMoRan (FCX) for $14.75 per share in cash plus royalty interest. Susquehanna believes the royalty interest stub could be worth $1.85-$3.70 per share and that near-term catalysts including onshore drilling success at its Lineham Creek well may support the value of the overriding interest portion of Freeport's (FCX) bid for the company. Susquehanna believes the success could push the price above its $18 price target. Shares are Positive rated.
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