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FCX

Freeport McMoRan

$12.13

0.64 (5.57%)

11:40
02/13/19
02/13
11:40
02/13/19
11:40

Flurry of activity in Freeport McMoRan calls as shares see relative strength

Flurry of activity in Freeport McMoRan calls as shares see relative strength. The stock up 6.4% to $12.23 after Morgan Stanley upgraded it to Overweight and Apr 14 calls trade in multi-exchange sweeps for 24 and 25c per contract. 11.1K changed hands against 1.6K open interest. Feb 12, Mar 15, and Feb 12.5 calls are drawing buyers as well. Total volume lopsided 5:1 at 48K calls and 9.6K puts. Earnings reported late-January and, although shares dropped 13.1% to $10.70 on 1/24 after the results, the has almost recovered the loss since that time.

FCX Freeport McMoRan
$12.13

0.64 (5.57%)

02/12/19
JEFF
02/12/19
NO CHANGE
Target $25
JEFF
Buy
Jefferies sees 'strong recovery' for Freeport McMoRan after 2019
Until recently, investor sentiment regarding Freeport McMoRan had been negative following a challenging 2018, Jefferies analyst Christopher LaFemina tells investors in a research note. Further, the analyst believes the consensus view is that 2019 will be another difficult year for Freeport due to low volumes, high unit costs, high capex and a low copper price. LaFemina agrees that 2019 will be a "trough year" for Freeport, but he also expects a "strong recovery" in EBITDA and free cash flow after 2019. As such, the analyst reiterates a Buy rating on the shares with a $25 price target.
02/12/19
MSCO
02/12/19
UPGRADE
Target $14
MSCO
Overweight
Freeport McMoRan upgraded to Overweight from Equal Weight at Morgan Stanley
Morgan Stanley analyst Piyush Sood upgraded Freeport McMoRan to Overweight but lowered his price target to $14 from $16.
02/13/19
02/13/19
UPGRADE
Target $14

Overweight
Morgan Stanley bullish on copper, upgrades Freeport McMoRan to Overweight
As previously reported, Morgan Stanley analyst Piyush Sood upgraded Freeport McMoRan to Overweight from Equal Weight, noting that his firm's Metals & Mining team expects copper market tightness to emerge beginning in Q2, given falling global production, low visible inventories and improved demand from China. Freeport's earnings sensitivity to copper is still the highest among its peers, said Sood, who sees the stock emerging as "the go-to large-cap stock for exposure to a copper price rally." Concerns about Freeport's ability to ramp production from 2019-21 are overblown, added the analyst, who lowered his price target on the shares to $14 from $16, citing a lower multiple to reflect the overall compression in multiples across equities and management's newly disclosed expectations around costs.
02/13/19
02/13/19
UPGRADE

Fly Intel: Top five analyst upgrades
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. Freeport McMoRan (FCX) upgraded to Overweight from Equal Weight at Morgan Stanley with analyst Piyush Sood saying his firm's Metals & Mining team expects copper market tightness to emerge beginning in Q2, given falling global production, low visible inventories and improved demand from China and Freeport's earnings sensitivity to copper is still the highest among its peers. 2. DocuSign (DOCU) upgraded to Buy from Hold at Deutsche Bank with analyst Karl Keirstead saying that after speaking with four large e-signature customers, three using DocuSign and one using Adobe Sign, the analyst believes a "more constructive call on DocuSign shares is now warranted." 3. Bloom Energy (BE) upgraded to Outperform from Market Perform at Raymond James with analyst Pavel Molchanov saying shares are down about 36% since the IPO in July 2018, including a 24% drop since mid-January, the latter due in large part to selling pressure following lockup expiration. 4. Shopify (SHOP) upgraded to Outperform from Sector Perform at RBC Capital with analyst Ross MacMillan saying he anticipates the company to return to new merchant growth this year given its international opportunity and easier comps. 5. Myovant Sciences (MYOV) upgraded to Overweight from Equal Weight at Barclays with analyst Geoffrey Meacham saying his firm's women's health survey suggests a "robust potential market" for new treatment options for endometriosis and uterine fibroids. The analyst also raised his price target for the shares to $25 from $22. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.

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