UPDATE: Morgan Stanley Raises Freeport-McMoRan's PT

In a research report published today, Morgan Stanley increased Freeport-McMoRan's (NYSE: FCX) PT from $43 to $55 as it thinks its prior bear case is unlikely.

“Although copper faces near-term headwinds as Chinese buyers resist high prices, we see only modest downside risk to FCX to ~$40. Long-term copper fundamentals still attractive,” Morgan Stanley said in the report.

Morgan Stanley maintains its Overweight rating on Freeport-McMoRan, which closed yesterday at $45.75.