In a report published Friday, Morgan Stanley analyst Paretosh Misra reiterated an Overweight rating on Freeport-McMoRan Copper & Gold FCX, but lowered the price target from $43.00 to $40.00.
In the report, Morgan Stanley noted, “We see NT risks from falling copper premiums, little clarity on Indonesian export ban & slow progress in unlocking value in energy. Our early take on 1Q is that EPS could be near $0.25. We expect a stronger 2H on a decline in copper stockpiles (to June 2008 low) & possible resolution in Indonesia.”
Freeport-McMoRan Copper & Gold closed on Thursday at $30.64.
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