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FCX

Freeport McMoRan

$12.18

-0.745 (-5.76%)

08:30
03/25/19
03/25
08:30
03/25/19
08:30

Jefferies sees 'significant trapped value' in shares of Freeport McMoRan

Jefferies analyst Christopher LaFemina says that over a two-plus year horizon, he sees "significant trapped value" within Freeport McMoRan that could be unlocked via a break-up or an acquisition of the company. In the shorter term, though, the Freeport investment case depends on two factors - the copper price, which should go higher, and the company's transition to its underground at Grasberg, LaFemina tells investors in a research note. He believes a successful transition at Grasberg "is critical but will be challenging." The analyst estimates Freeport's fair value to be $16.98 per share on a sum-of-the-parts basis. He keeps a Buy rating on the shares with an $18 price target.

FCX Freeport McMoRan
$12.18

-0.745 (-5.76%)

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.
02/19/19
SBSH
02/19/19
UPGRADE
Target $16
SBSH
Buy
Freeport McMoRan upgraded to Buy from Neutral at Citi
Citi analyst Alexander Hacking upgraded Freeport McMoRan (FCX) to Buy with a $16 price target. The analyst cites his firm's more constructive cooper market backdrop for the upgrade. Citi's global commodity team is bullish on copper, noting that exchange inventory is at 10 year lows and Chinese weakness appears to be turning, Hacking tells investors in a research note. The analyst believes copper equities have "significant rebound potential" with the stocks down 30%-40% year-to-date. Hacking this morning also double upgraded Southern Copper (SCCO) to Buy from Sell.
02/19/19
02/19/19
UPGRADE

Fly Intel: Top five analyst upgrades
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. McDonald's (MCD) upgraded to Overweight from Equal Weight at Stephens with analyst Will Slabaugh saying McDonald's core U.S. business is accelerating and positioned to show upside to consensus estimates for Q1 and fiscal 2019. 2. PG&E (PCG) upgraded to Buy from Neutral at Citi with analyst Praful Mehta saying recent comments by California Governor Gavin Newsom indicate an "increasingly likelihood of legislative action." 3. PepsiCo (PEP) upgraded to Outperform from Neutral at Macquarie with analyst Caroline Levy saying new CEO Ramon Laguarta "moved decisively" to reset for sustained 4%-6% sales growth by stepping up marketing and capital spending. 4. Freeport McMoRan (FCX) upgraded to Buy from Neutral at Citi while Southern Copper (SCCO) was double upgraded to Buy from Sell. 5. Cosan (CZZ) upgraded to Overweight from Neutral at JPMorgan with analyst Lucas Ferreira saying the shares trade at an "excessive" 40% discount to net asset value, in the upper part of the 30%-40% range where the stock should be trading. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.

TODAY'S FREE FLY STORIES

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BIG

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PLUG

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IR

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ICPT

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HUN

Huntsman

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  • 12

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UBER

Uber

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UBER

Uber

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DOMO

Domo

$19.47

-0.19 (-0.97%)

, EZPW

Ezcorp

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UBER

Uber

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UBER

Uber

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CMG

Chipotle

$819.61

10.12 (1.25%)

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RCII

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BKH

Black Hills

$76.66

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PRIM

Primoris

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LMAT

LeMaitre

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CLBK

Columbia Financial

$16.33

-0.24 (-1.45%)

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AXS

Axis Capital

$58.42

0.31 (0.53%)

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Axis Capital increases quarterly dividend 2.5% to 41c per share »

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  • 26

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PZZA

Papa John's

$59.67

-0.53 (-0.88%)

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  • 11

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THG

Hanover Insurance

$133.80

0.52 (0.39%)

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  • 26

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BHVN

Biohaven Pharmaceutical

$53.79

-0.235 (-0.44%)

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EPZM

Epizyme

$15.32

-0.48 (-3.04%)

17:45
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Upgrade
Morgan Stanley upgrades Epizyme to Overweight ahead of lymphoma data »

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