UPDATE: Morgan Stanley Raises Price Target on Freeport-McMoRan to $55

According to Morgan Stanley, Freeport-McMoRan (NYSE: FCX) price target is raised to $55.

Morgan Stanley said that it is raising its FCX price target to $55 from $43 as wit thinks its prior bear case is unlikely. “Though copper faces near-term headwinds as Chinese buyers resist high prices, we see only modest downside risk to FCX to ~$40. LT copper fundamentals still attractive.”

Freeport-McMoRan closed yesterday at $18.02.