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Freeport McMoRan downgraded at UBS on valuation

Mar. 03, 2016 8:55 AM ETFreeport-McMoRan Inc. (FCX) StockFCXBy: Carl Surran, SA News Editor18 Comments
  • Freeport McMoRan (NYSE:FCX) -2.9% premarket after UBS downgrades shares to Neutral from Buy with a $9 price target following a 30% rise during the past week.
  • UBS points out that hurdles to recovery remain in place despite strong YTD execution; the recent rise in copper prices has been a welcome reprieve but the firm notes that FCX is highly vulnerable as a levered producer.
  • UBS says FCX also needs to navigate ongoing discussions in Indonesia to secure its future at Grasberg, and to achieve considerable success on asset sales to achieve its $5B-10B medium term debt reduction target.

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