By Allison Prang
Shares of Freeport-McMoRan Inc. (FCX) climbed 5.4% Thursday as two firms lowered their price targets on the stock but one also raised its rating on the copper company to buy.
UBS lowered its price target to $12 from $13 a share. But it now has a buy rating on the company's stock, up from neutral. It said that upgrade comes after the stock has sold off 20% in the last month.
"After resetting our copper price and production expectations, we assess the market is overly focused on lower near-term copper prices versus FCX's growth trajectory," UBS said in its note. Of copper companies in the Americas, Freeport McMoRan is its top selection, UBS said.
JP Morgan lowered its price target on the stock by $2 to $12 a share, and held its neutral rating on the stock, according to Benzinga.
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