Here's Why Shares of Freeport-McMoRan Dropped 15% in January
Reversing course from their 27% rise in 2019, shares of Freeport-McMoRan (NYSE: FCX) plunged 15.4%% in January, according to data from S&P Global Market Intelligence. The precipitous 9.8% drop in the price of copper represented one factor in the stock's decline, but a bearish tone from Wall Street and a disappointing Q4 earnings report were additional sources of fuel for the fire.
Whereas Freeport-McMoRan's stock received an upgrade from analysts in the last month of 2019, the first month of 2020 began on a less fortuitous note. In mid-January, Curt Woodworth, an analyst with Credit Suisse, downgraded the stock to underperform from neutral and reduced his price target to $10 from $11, according to Thefly.com.
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Source Fool.com
