Monday, October 25, 2010

Goldman Sachs (NYSE:GS) Likes Freeport-McMoRan (NYSE:FCX) on Tight Copper Supply

Goldman Sachs (NYSE:GS) said they're raising their price target on Freeport-McMoRan Copper & Gold (NYSE:FCX) while maintaining their "Buy" rating on them based on expected tight copper supply.

"We believe that FCX stock is in the midst of re-rating as the market gains more confidence in expected supply-driven tight market conditions for copper," Goldman said.

Earnings per share for the fourth quarter was cut was cut from $2.98 to $2.78, while their fully year 2010 earnings per share estimate was lowered from $8.70 to $8.67.

Freeport closed Friday at $94.05, dropping $2.38, or 2.47 percent. Goldman raised their price target from $98 to $111 on the mining giant.

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