Freeport-McMoRan (NYSE:FCX) had its price target lowered by UBS (NYSE:UBS) today, although they maintained their "Buy" rating on the mining company.
"We revised our EPS estimates for 2010/2011/2012 from $6.86/9.32/7.65 to $7.44/8.73/7.91 to reflect the updated production (Grasberg, North America), depreciation and tax rates," said a UBS analyst.
Freeport just came off a solid quarter, although questions remain for all miners if the recent lower prices of raw materials will cut into earnings going forward.
The miner produces copper, gold and molybdenum.
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