UPDATE: Morgan Stanley Downgrades Freeport-McMoran
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
|Nov 2016||Deutsche Bank||Downgrades||Buy||Hold|
|Oct 2016||Bank of America||Initiates Coverage On||Underperform|
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