Freeport-McMoRan Inc. (NYSE:FCX) shares are trading higher after BofA Securities analyst Lawson Winder upgraded the stock to Buy (from Neutral) with a price target of $59.
The bullish stance was due to expected higher quality copper leverage, robust and rising free cash flow, and material gold revenue (15% of the total).
Related: Will Copper Reach $10,000? ‘An Essential Metal That Faces An Uncertain Future’
The analyst’s rating reflects the company’s successful transition to underground, block cave mining at Grasberg, more normalized copper production in the future and value-enhancing growth options, including low-grade ...Full story available on Benzinga.com
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