Strictly: Drilling II Message Board

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Strategies & Market Trends : Strictly: Drilling II

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To: Frank Pembleton who wrote (4843)	12/3/2001 1:39:20 PM
From: Frank Pembleton	Read Replies (2) of 36161

RESEARCH ALERT-Morgan Stanley downgrades Phelps Dodge NEW YORK, Dec 3 (Reuters) - Morgan Stanley said on Monday it had cut its investment rating on copper producer Phelps Dodge Corp. (NYSE:PD - news) to ``underperform'' from ``neutral'' with a $28 price target due to excess capacity in copper inventories and a sharp rise in the company's share price. ``Copper inventories are up sharply this year, to the highest level in 15 years,'' wrote analyst R. Wayne Atwell in a note to clients. Phelps shares, which have gained 28 percent in four weeks, ''overcompensates'' for a rise in copper prices in recent weeks, Atwell said. Phelps shares ended Friday at $35.83 on the New York Stock Exchange. Their 52-week trading range is $25.91 to $57. biz.yahoo.com

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