UBS (NYSE:UBS) Raises Price Target on Freeport-McMoRan (NYSE:FCX)

Freeport-McMoRan (FCX) had their price target raised on them by UBS (NYSE:USB), while having a "Buy" rating from them reiterated.

UBS especially likes their exposure to molybdenum, and secondarily gold and copper.

"We have revised our 2011 EPS estimate slightly from $8.06 to $8.63 to reflect slightly higher moly production at Henderson and a slightly lower tax rate," said UBS.

Freeport closed Friday at $86.61, adding $2.38, or 2.83 percent.

UBS raised their price target from $84 to $97.