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Analysts Change Tune in Freeport-McMoRan

Posted: 06.03.2016

After a dismal two years, shares of Freeport-McMoRan Inc. (NYSE: FCX) have been down so long that anything looks like up. From a two-year high of about $39, the shares dropped all the way to $3.52 earlier this year. Over the past two months, however, the stock has more than doubled to trade at an intraday high of around $10.50 early Friday.

The catalyst is asset sales. Freeport has made two sales in recent weeks that could add more than $1.26 billion to its liquidity. The first was a $1 billion sale of 13% of its stake in the Morenci copper mine in Arizona, and the second was the sale of an interest in its copper-gold Timok project in Serbia for a potential total of $265.2 million. Freeport’s goal is to cut at least $5 billion from its $19.8 billion debt total.

Read more: How Analysts View Freeport-McMoRan After Asset Sales (NYSE: FCX) - 24/7 Wall St. http://247wallst.com/commodities-metals/2016/03/06/analysts-change-tune-in-freeport-mcmoran/#ixzz42BOtg2XU 
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