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Fly News Breaks for May 17, 2016
FCX
May 17, 2016 | 05:40 EDT
Jefferies analyst Christopher LaFemina upgraded Freeport McMoRan to Buy saying the company is making asset sales at high multiples. Freeport is entering a period of strong free cash flow due to lower costs and capex, LaFemina tells investors in a research note. The analyst believes now is the time to buy the stock after the 21% pullback over the past two weeks. LaFemina raised his price target for Freeport shares to $15 from $12.50. The natural resource company closed yesterday up 64c to $11.05.
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