BMO Cuts Freeport-McMoRan Price Target On Lower Oil Price Assumptions
In a research report issued on today, BMO analyst David Gagliano reiterated a Market Perform rating on Freeport-McMoRan Copper & Gold (NYSE:FCX) and reduced his price to $29 (from $31), which implies an upside of 27% from current levels.
Gagliano noted, “In conjunction with the BMO Energy team’s reduced outlook for oil prices, we are lowering our estimates and target price for FCX.” Furthermore the analyst noted, “We maintain our opinion that Freeport remains one of the most underappreciated long-term (i.e., three years plus) growth stories within U.S. metals and mining. But, with significant uncertainty regarding the timing/magnitude of a potential recovery in underlying prices and with company-specific headwinds still a nearterm issue, in our opinion FCX shares will remain range-bound until additional commodity and/or company-specific visibility emerges.”
According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst David Gagliano has a total average return of 2.9% and a 45.5% success rate. Gagliano has a -8.6% average return when recommending FCX, and is ranked #1702 out of 3426 analysts.