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Jim Cramer's Stop Trading! Freeport's Ship Comes In

Stock quotes in this article: FCX , GMR , NCT , PD  

It's time to buy Freeport McMoRan (FCX Quote) "hand over fist," Jim Cramer said Monday on CNBC's "Stop Trading!" segment.

Cramer said he questions "the conservatism" of a purportedly bullish analyst call on the copper producer, which Monday completed its acquisition of Phelps Dodge. Cramer, saying he believes the Phelps deal is a "smart combination," and sees Freeport going well beyond the analyst's $80 price target from the recent $62 and change.

"Copper is going up dramatically," Cramer said, citing heavy demand from fast-growing industries in China. He said copper, nickel and zinc are heading for "a big upturn" as economic growth bolsters consumption of goods that use the metals. ...

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