Shares of Freeport-McMoRan (FCX) - Get Freeport-McMoRan, Inc. (FCX) Report are off a fraction Tuesday after Jefferies raised its price target on the stock to $6.50 from $5, saying mergers and acquisitions can save the producer of copper and gold.

Although Jefferies maintains its hold rating on Freeport-McMoRan's stock, it said selling some of its copper assets could also boost the company's stock price.

TheStreet's Jim Cramer, co-manager of the Action Alerts PLUS portfolio, said on CNBC's "Mad Dash" segment that by raising the price target, investors might now think twice about selling Freeport stock so aggressively.

Image placeholder title


FCX

TheStreet Recommends

data by

YCharts

Jefferies does "talk about the idea that they could sell some of their copper assets and buy time. The problem is, the debt is somewhat humongous at Freeport, even though they've done everything," Cramer added.

"I do think this [report] is going to get people to sell it less aggressively," he said. "This is a very, very bullish report on Freeport."

At the time of publication, Cramer's Action Alerts PLUS had no position in stocks mentioned.