Credit Suisse was involved in an advisory capacity in the just completed merger. CS quit issuing guidance on FCX about 3-4 months ago.
The only way that FCX hits $40 is :
1) Copper needs to go back above $3.70
2) Good news from Davy Jones drilling
3) Improved European and Chinese economic growth which would yield more FCX copper sales
eh, I'm not sure about how good this news is. I agree FCX should be $40, but I also have a strong opinion that Credit Suisse is terrible with their investing calls. I always do the opposite of what they say. Its clear here they are just copying Barclays (also with a $40 PT) so who knows what happens. I think Barclays has the best equity research calls so for them to throw a $40 PT on FCX is good. But Credit Suisse might be stinking it up with this call, I don't know it just seems like they have some bad stench to them because everytime they make a long call the stock goes down.