Goldman Sachs (NYSE:GS) lowered their price target on Freeport-McMoRan (NYSE:FCX), citing the 2011 guidance from the mining company.
They cut their 2011 and 2012 estimates for FCX from $12.75/$12.00 to $11.35/$11.45.
Specifically noted was the higher costs and lower volumes Freeport noted in their guidance in their latest earnings report.
Goldman reiterates their "Buy" rating on Freeport-McMoRan, which was trading at $108.86, down $2.04, or 1.84 percent, as of 12:45 PM EST. Goldman lowered their price target on Freeport from $127 to $132.
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