Wunderlich Securities Lowers Price Target For McMoRan Exploration Co. (MMR)

Analysts Neal Dingmann and Jason Wangler at Wunderlich Securities have lowered the price target for McMoRan Exploration Co. (NYSE: MMR) from $18 to $16. The company reported its first-quarter results on Monday, which were less-than-stellar, according to analysts.

The company also lowered its 2010 production guidance. The price target has been lowered due to near-term issues, however, analysts believe that future upside potential still remains.

Analysts at Wunderlich Securities have maintained their Buy rating for McMoRan Exploration Co.