FREEPORT-McMORAN COPPER AND GOLD (FCX $43.10, rated Overweight, price target cut to $74 from $79) NEAR TERM EARNINGS ESTIMATES, PRODUCTION ESTIMATES AND PRICE TARGET LOWERED, and CASH COSTS RAISED 1/22/2012

FREEPORT-McMORAN COPPER AND GOLD (FCX $43.10, rated Overweight, price
target cut to $74 from $79) NEAR TERM EARNINGS ESTIMATES, PRODUCTION
ESTIMATES AND PRICE TARGET LOWERED, and CASH COSTS RAISED 1/22/2012