Don’t you love when analysts wait until a stock is down 80% to downgrade them to neutral? That’s exactly what the Australian investment bank did today with FCX. Being that Australia is a kangaroo and a copper mine, when analysts talk metals over there, the world tends to listen.
The research note did nothing but sing praises for Freeport’s “world class” mines and unique blend of awesomeness. If the company could get a better handle on its debt, well, they’d be inclined to be measurably more optimistic.
But for now: fucked.
Shares of FCX are off by almost 20% today.
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Like, that 120sec. dow pump wasnt obvious