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Fly News Breaks for May 23, 2018
RIO, FCX
May 23, 2018 | 06:28 EDT
B. Riley FBR analyst Lucas Pipes upgraded Freeport McMoRan (FCX) to Buy from Neutral and raised his price target for the shares to $20 from $17. Rio Tinto's (RIO) reported $3.5B deal with Indonesia for its interest in the Grasberg copper and gold mine sets an "attractive valuation marker" for Freeport, Pipes tells investors in a research note. The analyst believes Freeport now offers a greater risk/reward profile and recommends buying the shares at current levels.
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