Freeport (NYSE:FCX) Outlook Strong on Increased Production, Chino Mine

Freeport-McMoRan (NYSE:FCX) was upgraded by Argus Research, citing the company's guidance on increasing production and the restarting of its Chino mine in New Mexico.

The rating was upgraded because it "reflects the company's decisions to increase production in 2010 and to restart its Chino mine in New Mexico, as well as continued copper purchases from China," said Argus.

Freeport also increased its FY10 earnings per share estimate from $8.03 to $8.29 and its FY11 estimate from $8.89 to $9.37. The Street at this time is looking for FY10 and FY11 earnings per share of $8.09 and $9.25.

Another impressive move by Freeport showing confidence going forward was the almost doubling of its quarterly dividend.

Freeport closed Monday at $98.28, soaring $2.21, or 2.30 percent. Argus has a price target of $113 on them.