Freeport-McMoRan price target raised to $54 from $49.50 at Raymond James

Raymond James analyst Brian MacArthur raised the firm’s price target on Freeport-McMoRan to $54 from $49.50 and keeps an Outperform rating on the shares. In Q1, Freeport-McMoRan sold 1.1B lbs of copper, 549K oz of gold, and 18M lbs of molybdenum, the analyst tells investors in a research note. Meanwhile, the firm says Freeport-McMoRan has numerous organic growth options including Lone Star, Bagdad, El Abra, Kucing Liar, as well as from new leaching technologies to process copper contained in leach stockpiles.