NEW YORK (TheStreet) -- Shares of Freeport-McMoRan(FCX) - Get Report were falling 9.51% to $10.03 in late morning trade on Tuesday after the company agreed late yesterday to sell its deepwater Gulf of Mexico assets for $2 billion to Anadarko Petroleum (APC).
Cowen reiterated its "outperform" rating and $15 price target on Freeport shares this morning following the announcement, the Fly reports.
The firm said that Freeport, a Phoenix-based natural resource company, has eliminated a major overhang with the sale.
Freeport has generated $6 billion in asset sales this year to be used to eliminate debt, the company said in a statement.
While investors were initially skeptical a deal for the Gulf properties could be reached, they will now most likely refocus on the company's operations in Indonesia, Cowen added.
Separately, 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 rated 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 and poor profit margins.
You can view the full analysis from the report here: FCX