Freeport-McMoRan (FCX) Stock Dips 5% This week: Are Deutsche Bank Analysts To Blame For This?

FCX shows negative dynamics by plummeting the value by 8% in one day. The weekly statistics display that it encounters a decline of 4.8% On Friday, trading started at $ 36.07 with subsequent growth to $ 36.47. On September 13, the worth plummeted almost 5%, falling to $ 34.92. It had fluctuated between $ 34.92 and $ 35.44 before it popped 6% on Wednesday. As mentioned above, the cost sank to $33.84 on Thursday, reaching its lowest price. Now the stock cost $33.29.
Freeport-McMoRan fell today by more than 7% after Deutsche Bank analysts have lowered the target price to $ 46 per share from the previous $ 47 per share. Also, the pressure on the FCX shares may have a decrease in the prices of copper whose futures fell more than 2.7%. Although copper futures prices have surged from August of 2020 to May of 2021 due to the global economic recovery, the price of commodities has dropped from highs in May 2021. Since copper is a significant share of the company’s annual EBITDA, Freeport-McMoRan’s gains are affected by copper futures price changes.

Robert McDowney

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