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Fly News Breaks for August 11, 2015
FCX
Aug 11, 2015 | 09:21 EDT
After Freeport-McMoRan filed for a $1B at-the-market equity issue, RBC Capital said it believes the equity raise is dilutive but necessary at this point to help protect the balance sheet. However, the firm thinks that at current spot prices, additional funding and/or significant additional spending cuts will be needed for Freeport to become free cash flow neutral. The firm lowered its price target on Freeport shares to $17 from $20 and keeps a Sector Perform rating on the stock.
News For FCX From the Last 2 Days
FCX
Apr 17, 2024 | 05:46 EDT
JPMorgan raised the firm's price target on Freeport-McMoRan to $52 from $43 and keeps a Neutral rating on the shares as part of a Q1 earnings preview for the North America copper group. Copper's recent bullish shift has unfolded quicker than expected while coinciding with earlier than anticipated momentum building in global manufacturing PMIs, suggesting pricing may have outpaced fundamentals at this point, the analyst tells investors in a research note.
