UPDATE: Deutsche Bank Raises PT on Freeport-McMoRan Copper & Gold Following 3Q13 Preview

In a report published Wednesday, Deutsche Bank analyst Jorge Beristain reiterated a Buy rating on Freeport-McMoRan Copper & Gold (NYSE: FCX), and raised the price target from $35.00 to $38.00.

In the report, Deutsche Bank noted, “With the tide apparently having gone out for key global metals and bulk commodities, NA Metals & Mining managements will simply have to learn to make do with less free cash flow, smaller projects and smaller m&a deals than what were possible during boom times. The clarion call for managements now is to live within their Balance Sheet means. This calls for increased cooperation and heightened creativity for the funding of next generation growth projects and a tighter focus on the bottom-line. Those that heed the call should be the relative winners. Unfortunately, large debts limit flexibility and those continuing to deficit spend will risk downgrades of Investment Grade ratings.”

Freeport-McMoRan Copper & Gold closed on Tuesday at $32.92.