NEW YORK (TheStreet) -- Freeport-McMoRan  (FCX) - Get Report stock was reinstated with an "equal weight" rating at Barclays on Wednesday. The firm set a price target of $9 on the stock. 

The Phoenix-based natural resource company's stock appears fairly valued after rising alongside copper prices this year, the firm said. 

"Now two main factors at play are likely to have opposing effects on the stock over the rest of the year: Freeport's likely execution of mining asset sales to pay off debt is bullish, but our forecast for a decline in spot copper prices is bearish," Barclays added.

Additionally, the company has changed its board and consolidated its leadership, the firm said. Freeport is now focused on its mining operations and improving its balance sheet. 

Freeport is "finally taking the significant (and long-awaited) actions investors have clamored for to ensure the company's survival," Barclays added. 

Freeport stock is up by 1.48% to $10.30 in pre-market trading on Wednesday. 

Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.

TheStreet Ratings rates this stock as a "sell" with a ratings score of D. The company's weaknesses can be seen in multiple areas, such as its generally high debt management risk, disappointing return on equity, weak operating cash flow, generally disappointing historical performance in the stock itself and feeble growth in its earnings per share.

You can view the full analysis from the report here: FCX

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