Freeport-McMoRan price target raised to $50 from $48 at Jefferies

Jefferies raised the firm’s price target on Freeport-McMoRan (FCX) to $50 from $48 and keeps a Buy rating on the shares. Freeport is heading into a period of rising free cash flow due to higher volumes, lower unit costs and higher price realizations, says the analyst, who sees this presenting “an excellent backdrop for the company to accelerate its share repurchases even as it increases investment in its organic growth” if this all plays out as the firm expects.