JPMorgan raised the firm’s price target on Freeport-McMoRan to $52 from $43 and keeps a Neutral rating on the shares as part of a Q1 earnings preview for the North America copper group. Copper’s recent bullish shift has unfolded quicker than expected while coinciding with earlier than anticipated momentum building in global manufacturing PMIs, suggesting pricing may have outpaced fundamentals at this point, the analyst tells investors in a research note.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on FCX:
- GUNR ETF: Diversified Access to Surging Commodities Stocks
- Early notable gainers among liquid option names on April 12th
- COPX ETF: Investing in Copper as a New Bull Market Begins
- Early notable gainers among liquid option names on April 9th
- Freeport-McMoRan price target raised to $55 from $48 at Scotiabank