Fly News Breaks for January 14, 2020
Jan 14, 2020 | 05:54 EDT
Credit Suisse analyst Curt Woodworth downgraded Freeport McMoRan to Underperform from Neutral with a price target of $10, down from $11. The company "lacks valuation support" given mid-cycle EBITDA and the copper production reset "sharply lower" in 2023, Woodworth tells investors in a research note. Unlike aluminum, copper has much less cost support in a downturn and faces "sharply higher" supply-side risks in 2021 through 2023, contends the analyst. He cites valuation and his copper surplus view for the downgrade of Freeport to Underperform.
News For FCX From the Last 2 Days
Feb 14, 2020 | 16:21 EST
Carl Icahn's Icahn Capital disclosed in an SEC filing its holdings as of December 31, 2019. The fund increased its stake in two holdings during the quarter, namely Hertz (HTZ) and Icahn Enterprises LP (IEP). Icahn decreased its stake in two holdings, namely Occidental (OXY) and Freeport-McMoRan (FCX). The fund's told holdings as of December 31, in order of size, were Icahn Enterprises, CVR Energy (CVR), Herbalife Nutrition (HLF), Caesars Entertainment (CZR), and HP Inc. (HPQ).