Market Overview

UPDATE: Morgan Stanley Downgrades Freeport-McMoran

Share:
Related FCX
On Black Friday, Traders Loved Amazon, Bank Of America And...DryShips
Holiday Shopping and Retail Sector Impact
Strength In Coal, Ore Miners Continues, But Sector Slides On Gold Mining Declines (Investor's Business Daily)

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
Nov 2016BerenbergDowngradesHoldSell
Nov 2016Deutsche BankDowngradesBuyHold
Oct 2016Bank of AmericaInitiates Coverage OnUnderperform

View More Analyst Ratings for FCX
View the Latest Analyst Ratings

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

 

Related Articles (FCX)

View Comments and Join the Discussion!