Freeport-McMoRan Bull Vs. Bear Battle: Upgraded At Citi, Downgraded At Bank Of America
Portfolio Pulse from Jayson Derrick
Freeport-McMoRan Inc (NYSE:FCX) shares experienced mixed news as they were upgraded at Citigroup and downgraded at Bank of America. Citigroup analyst Brian Yu upgraded shares to Buy from Neutral with a price target raised to $23 from a previous $19, citing an appealing valuation. Meanwhile, Bank of America analyst Oscar Carbera downgraded shares to Underperform from Neutral with a price target lowered to $19 from a previous $22.50, due to a bleak near-term commodities outlook.
June 06, 2023 | 6:10 am
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Freeport-McMoRan shares upgraded at Citigroup and downgraded at Bank of America, with mixed outlooks on valuation and near-term commodities.
The mixed news from Citigroup and Bank of America creates uncertainty for Freeport-McMoRan's short-term stock price. Citigroup's upgrade is based on an appealing valuation, while Bank of America's downgrade is due to a bleak near-term commodities outlook. The opposing views from these two major financial institutions make it difficult to predict the short-term price direction for FCX.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100