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It looks like the “Risk Off” trade is back on today. Sounds like an ideal time to pick up a beaten down gold and copper mining stock, Freeport-McMoRan.

8 reasons to recommend FCX at under $44:

1. Freeport has easily exceeded earnings estimates for the last four quarters.

2. It is selling in the bottom quarter of its five year valuation range based on P/E, P/S and P/B.

3. FCX is selling at less than 8 times this year’s expected earnings

4. Freeport has grown revenues by an average of over 23% annually over the past five years but has a very low five year projected PEG of .5.

5. The company is ideally positioned to continue to benefit from the long term development in China and India.

6. If you back out Freeport’s proven gold and silver reserves at current prices minus the recovery costs; you are getting the rest of the company for free at these price levels.

7. It has new projects in the works that could add up to a billion pounds to annual copper production by 2016.

8. FCX is significantly under analysts’ price targets. Credit Suisse has a price target of $75 on Freeport, S&P is at $65 and the median price target by analysts on FCX is $66.

From Yahoo Finance: Freeport-McMoRan Copper & Gold Inc. engages in the exploration, mining, and production of mineral resources. It primarily explores for copper, gold, molybdenum, silver, and cobalt deposits. The company holds interests in various properties located in North and South America; Grasberg minerals district in Indonesia; and Tenke Fungurume minerals district in the Democratic Republic of Congo. As of December 31, 2009, its consolidated recoverable proven and probable reserves totaled 104.2 billion pounds of copper, 37.2 million ounces of gold, 2.59 billion pounds of molybdenum, 270.4 million ounces of silver, and 0.78 billion pounds of cobalt.

Disclosure: I have no positions in any stocks mentioned, but may initiate a long position in FCX over the next 72 hours.

Source: Use Today's Sell-Off to Pick Up Freeport-McMoRan, A Beaten-Up Copper and Gold Miner