Isra-Mart srl: Jefferies Starts Freeport-McMoRan (FCX) at Buy

www.isramart.com

The firm comments, "In short, we continue to believe a copper price outlook that is too skeptical is fully discounted in the valuation of FCX. Some of this skepticism is likely attributable to pervasive macro concerns at the moment. And, we’d certainly concede these are legitimate risks. But, a portion of the skepticism is attributable to a persistent belief that growing copper supply is easy. We disagree. The barriers to entry in copper mining remain underappreciated by many observers. FCX is our top pick in North American
Metal."