Goldman Sachs cuts its price target on Freeport McMoRan (FCX) to $35 from $38 and trims 2013-14...

|By:, SA News Editor

Goldman Sachs cuts its price target on Freeport McMoRan (FCX) to $35 from $38 and trims 2013-14 EPS estimates to reflect the firm's lower forecast for copper prices. If commodity prices were to disappoint further, Goldman thinks FCX has levers available to pull in its capex budget and protect its balance sheet. Grasberg start-up will be an overhang, but current share prices are seen as a good entry point.