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May 8, 2013

Freeport-McMoRan (FCX) Deal for Plains (PXP) Seen Closing by June Stock Charts

Filed under: M&A News — Tags: , , — admin @ 2:25 pm

Morgan Stanley today maintained an Overweight rating on Freeport-McMoRan (NYSE: FCX) with a price target of $45.00. Analyst Paretosh Misra said he thinks Freeport-McMoRan’s planned acquisitions of Plains Exploration & Production (NYSE: PXP) will close in early June. Yesterday it was reported that Freeport-McMoRan plans to close the deal on the original terms, despite objections from some shareholders. Long term Freeport-McMoRan shareholders will likely be rewarded with strong growth through 2015 and lower political uncertainty. Misra also noted that copper inventories are starting to decline.For an analyst ratings summary and ratings history on Freeport-McMoRan click here. For more ratings news on Freeport-McMoRan click here.Shares of Freeport-McMoRan closed at $31.55 yesterday, with a 52 week range of $27.24-$43.65.

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