Freeport-McMoRan (NYSE:FCX) Upgraded by HSBC (NYSE:HBC)

Freeport-McMoRan (NYSE:FCX) was upgraded from "Neutral" to "Overweight" today by HSBC (NYSE:HBC).

While upgrading Freeport, at the same time the price target was lowered from $85 to $80 by the financial institution.

Freeport has plunged by over 22 percent over the last month over fears copper prices will decline even more as China battles inflation in its property market which will result in lower orders which will put more downward pressure on copper.

Since Thursday of last week Freeport has dropped by over 15 percent, although they were up to $59.97 a share, a gain of $1.31, or 2.23 percent at 10:49 AM EDT.