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Actionable news in CLF: CLIFFS NATURAL RESOURCES Inc,

Why the $8 Price Target on Freeport-McMoRan is Not Justified

Bank of America (BAC) is too bearish on Freeport-McMoRan (FCX). Thebank downgraded the company on October 17 and set an $8 price target, citing macro weaknesses.

BoFA Merrill Lynch discounted FCX’s balance sheet improvement while weighing on the weak outlook for copper. In reality, forecasting the future price of copper is nearly impossible. If the...


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