Citigroup (NYSE:C) Downgrades Freeport (NYSE:FCX) on Copper Prices

Citigroup (NYSE:C) downgraded Freeport-McMoRan Copper & Gold (NYSE:FCX), citing high copper prices discounting otherwise attractive supply-demand fundamentals.

The giant bank said they are still confident in the strategies of the management and their deployment of cash flow, but in a sense, they're victims of their own success, and will probably be taking a breather.

Citigroup downgraded Freeport-McMoRan Copper & Gold "Buy" to "Hold." They also lowered their price target on Freeport from $124 to $118.

Freeport closed Friday at $108.40, down $2.50, or $2.25 percent.