FREEPORT-McMORAN COPPER AND GOLD (FCX $108.40 presplit, rated Overweight with a $82 price target after 2 for 1 split February 1st or equivalently a $164 price target pre-split) RESERVE ADDITIONS, MODERATE COST INCREASES AND INCREMENTAL EXPANSION REINVESTMENTS REINFORCE “SUSTAINABILTY” OF PERFORMANCE TO BENEFIT P/E VALUATIONS 1/23/2011