2.40%C 7.82 8.31%UYG 5.47 10.28%
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SIOUX FALLS, S.D. - A Friedman, Billings, Ramsey analyst on Tuesday upgraded shares of Freeport-McMoRan Copper & Gold Inc., saying shares of the mining giant have been oversold.
| FCX | 18.05 |  -3.77 |
Analyst Amir Arif upgraded the stock to "Outperform" but lowered his price target to $85 from $115 on a weak copper outlook.
Arif said the stock's valuation reflects assumed lower copper prices, making for an attractive risk-to-reward ratio.
Analysts surveyed by Thomson Reuters, on average, expect third-quarter earnings of $1.74 per share, while Arif is expecting earnings of $1.63 per share.
"We believe that 3Q08 earnings will be weak relative to expectations, but that the current valuation is already attractive and the stock is already oversold," Arif wrote in a client note.
Freeport-McMoRan shares, which have traded in the range of $37.34 to $127.24 during the past year, added $1.29, or 2.9 percent, in premarket trading Tuesday.
U.S. stocks fell on Wednesday after signs of weakening employment and a contraction in service industries overcame earlier gains in the trading s...
China markets opened lower on Tuesday morning as the investors' confidence hit by the signals that global recession are deepening.
The markets have spoken: risk aversion is still the name of the game and that was obvious since the beginning of the week.
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