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Freeport-McMoRan climbs 6% after upgrade

Freeport-McMoRan shares surged 6 percent Monday after Cowen & Co analysts raised their price target on the mining company's stock, according to the Financial Times.

The stock's rise, which came amid a broader rally for U.S. stocks, was third-best in the S&P 500 on Monday. Freeport closed at $11.04 per share and has soared 63 percent this year.

A worker stands in above a stockpile of copper-gold concentrate from Freeport McMoRan Inc.'s Grasberg copper and gold mine at the company's processing facility in the port of Amamapare, Papua province, Indonesia, on Tuesday, April 21, 2015.
Dadang Tri | Bloomberg | Getty Images
A worker stands in above a stockpile of copper-gold concentrate from Freeport McMoRan Inc.'s Grasberg copper and gold mine at the company's processing facility in the port of Amamapare, Papua province, Indonesia, on Tuesday, April 21, 2015.

The Cowen analysts pushed their Freeport price target to $15 per share from $10 a share and kept an "outperform" rating, the report said. The price target is the highest on Wall Street for the stock.

The firm cited Freeport's progress in deleveraging, the FT reported.

"We believe management remains steadfastly focused on right-sizing the balance sheet for the current environment," Anthony Rizzuto, an analyst at Cowen, said. "There has been considerable debate as to the appropriate next step for [Freeport]. This could take the form of further outright asset sales, minority interest transaction, or even an equity issuance."

Read the full Financial Times report here.