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Freeport-McMoRan (NYSE:FCX) Shares Down 2.9% on Analyst Downgrade
Freeport-McMoRan (NYSE:FCX) shares dropped 2.9% after UBS Group lowered its price target from $70.00 to $66.00, though still maintaining a “buy” rating. Despite the downgrade, the company maintains a “Moderate Buy” consensus rating with an average price target of $62.40 from analysts. The stock had positive quarterly earnings results and announced a dividend, but saw significant insider selling totaling over $35.8 million in the past 90 days.