Freeport McMoRan upped to Buy at Argus ahead of earnings (NYSE:FCX)
seekingalpha.com
Freeport McMoRan (FCX +4.5%) shares add to multiyear highs after Argus Research upgrades shares to Buy from Hold with a $30 price target, saying the company should benefit from the efforts to strengthen the balance sheet, as well as from rising metals prices and a recovering manufacturing sector.Freeport is a well-run company with a strong track record in its industry, and it recently strengthened its balance sheet through the sale of assets, Argus analyst David Coleman notes.Also, three-month London copper prices (HG1:COM) closed today at a seven-year high $8,002/ton, aided by protests in Peru and news that BHP's Escondida mine in Chile produced 90.8K tons in November, the lowest since February 2019.ETFs: COPX, JJCTF, CPER, JJCFCX shares have significantly outperformed the broader market, surging 56% over the past three months compared to a 13% gain for the S&P 500 and more than doubling over the past year vs.
