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Freeport-McMoRan shares jumped more than 4% on Wednesday after the upgrade by a Morgan Stanley badyst, noting that the company would benefit from a rise in copper prices.
Freeport shares have lost a third of their value over the past 12 months, but Morgan Stanley believes it's now time to buy and strengthened the stock to overweight it by equal weight.
However, the company lowered its 12-month price target from $ 16 to $ 14 per share to reflect management's new expectations for costs and the overall compression in multiples of equities. The current price target represents a 20% increase over Tuesday's close.
The founder of Short Hills Capital Partners and "Halftime Report" negotiator Steve Weiss is less optimistic about Freeport. "If China does not recover, the stock will not increase," said Wednesday's "half-time report."
Meanwhile, Virtus Investment Partners' chief market strategist and "Halftime Report" merchant Joe Terranova sees potential in Freeport. "If the market is trading up and you're looking for the beta, it's a great opportunity," he said on Wednesday. The beta is the measure of the volatility of a stock or investment instrument relative to a benchmark or the market in general.
According to FactSet, the average stock valuation is overweight with a price target of $ 14. Shares have risen 12% since the beginning of the year after a 45% drop in 2018.
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