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Freeport McMoRan +2% following upgrade at CIBC

Published 05/02/2018, 02:52 PM
© Reuters.  Freeport McMoRan +2% following upgrade at CIBC
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  • Freeport McMoRan (FCX +2.1%) is higher after CIBC upgrades shares to Outperform from Neutral, saying the stock's 20% plunge following its Q1 earnings report reflecting a worst-case scenario for the company's Indonesia operations.
  • CIBC analyst Oscar Cabrera views FCX as a best-in-class North American copper miner but notes the market is ascribing zero value for the Grasberg mine, and he believes the rest of the portfolio could attract takeout valuations of $20.64-$25.50.
  • FCX’s Indonesian unit has said new requirements from the Indonesian government are “not achievable and not workable,” and CEO Richard Adkerson last week called the demands “shocking.”
  • Now read: Freeport-McMoRan - I Want To Break Free (From Indonesia)


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