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UPDATE: Morgan Stanley Downgrades Freeport-McMoran

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Analysts at Morgan Stanley downgraded shares of Freeport-McMoRan (NYSE: FCX) from Overweight to Equal-Weight with a $41 price target.

Paretosh Misra cited several sector weaknesses may cause shares of Freeport to depreciate, such as decreasing copper values and a rise in copper inventory.

Analysts also see uncertainty in Freeport's Indonesian Grasberg mine.

“FCX will discuss several issues related to amendment of its contract for the Grasberg mine (~25% of 2015-16e EBITDA) with the govt. of Indonesia over the next 6 months, including divestment of up to ~20% of the mine.”

Latest Ratings for FCX

DateFirmActionFromTo
May 2016Goldman SachsInitiates Coverage onNeutral
May 2016JefferiesUpgradesHoldBuy
Apr 2016CLSADowngradesUnderperformSell

View More Analyst Ratings for FCX
View the Latest Analyst Ratings

Posted-In: Morgan Stanley Paretosh MisraAnalyst Color Downgrades Price Target Analyst Ratings

 

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