Zacks Investment Research downgraded shares of Freeport-McMoRan Inc. (FCX) from NEUTRAL to UNDERPERFORM on November 05, 2014, with a target price of $25.00.
We are downgrading our recommendation on Freeport-McMoRan to Underperform. The company's profit slid year over year in the third quarter, hit by hefty charges. Sales also fell in the quarter, impacted by lower gold and copper pricing. However, both revenues and adjusted earnings came ahead of the Zacks Consensus Estimate. The company saw its copper sales decline across all operations barring North America in the quarter. It reduced its copper and gold production forecasts for 2014. A still soft global economy is weighing on the copper market. We are also concerned about the weak commodity pricing environment and lingering uncertainties in Indonesia.
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