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Market Update (NYSE:FCX): Indonesia estimates value of Freeport unit two-thirds below offer

[Reuters] – Indonesia has proposed a value for a 10.64 percent stake in Freeport-McMoran Inc’s local unit that is about two-thirds below the figure the company proposed in January. Copper miner Freeport’s unit is valued at about $630 million and the U.S.-based parent has been asked to revise its offer, an Indonesian mining ministry spokesman said on Tuesday. Freeport had offered to sell the stake in its Indonesian operations, including the Grasberg copper and gold mining complex, at $1.7 billion in January. Read more on this. Freeport-McMoRan Inc. (FCX) , with a current market cap of $14.12B, opened this morning at $11.29. Shares have traded today between $10.56 and $11.43 per share and has traded between $3.52 and $23.97 over the past year. Freeport-McMoRan (FCX) shares are currently priced at 43.65x this year’s forecasted earnings, which makes them relatively expensive compared to the industry’s 15.43x earnings multiple for the same period. According to a consensus of 18 analysts, the earnings estimate of $-0.18 per share would be $0.00 better than the year-ago quarter and a $0.00 sequential increase. In looking at the bigger picture, the full-year EPS estimate of $0.26 would be a $0.34 better when compared to the previous year’s annual results. The quarterly earnings estimate is predicated on a consensus revenue forecast of $3.52 Billion. If reported, that would be a 15.18% decrease over the year-ago quarter. Recently, Credit Agricole downgraded FCX from Underperform to Sell (Apr 19, 2016). Previously, BofA/Merrill upgraded FCX from Underperform to Neutral. When considering if the stock is under or overvalued, the average price target is $9.29, which is 17.71% below where the stock opened this morning. See more in (NYSE:FCX) Similar Articles: Market Update: Freeport-McMoRan Copper & Gold Inc (NYSE:FCX) – The Only Number That Matters to Freeport-McMoRan Inc. Investors Right Now Market Update: Freeport-McMoRan Copper & Gold Inc (NYSE:FCX) – Freeport-McMoRan Announces New Organizational Structure for Oil & Gas Division Market Update: Freeport-McMoRan Copper & Gold Inc (NYSE:FCX) – INVESTOR ALERT: The Law Offices of Vincent Wong Remind Investors of Class Action Involving Freeport-McMoRan Inc. and a Lead Plaintiff Deadline of March 28, 2016 – FCX
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