Thursday, July 22, 2010

UBS (NYSE:UBS) Lowers Freeport (NYSE:FCX) Price Target

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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