JP Morgan Raises FCX PT To $74

JP Morgan has issued a report raising the Price Target on Freeport-McMoRan Copper & Gold

from $72 to $74 a share. According to the report, "We are increasing our estimates for FCX and price target to $74 largely to reflect our metal strategist's higher gold price forecasts. We continue to believe that FCX's ability to expand its production from existing assets at a very low cost should continue to increase the strategic value of the company in an environment where many mining companies struggle to replenish their reserves." FCX has an Overweight Rating and closed yesterday at $55.34 a share.