Analyst John C Tumazos of Prudential Financial maintains his "overweight" rating on Freeport McMoRan Copper & Gold. The target price is set to $82.

In a research note published yesterday, the analyst mentions that despite the company’s $18 billion bank financing deal being valued at $2.00 per pound copper, the deal is likely to go through due to the financial community’s faith in the various Freeport-McMoRan companies as well as the reputation of the company’s CEO. The deal appears inevitable, given the expectation of the deal generating more than $2 billion in fees as well as the fact that the company accounted for more than half of all banking fees in the sector in the mid 1990's, the analyst adds.