Morgan Stanley Reiterates Overweight on Freeport McMoran

Morgan Stanley is out with a research report on Freeport McMoran

and is reiterating its Overweight rating and $43 price target on shares. In a note to clients, Morgan Stanley writes, "Earnings expectations (down 21% from peak) look more reasonable. FCX has minimized the earnings impact of strikes by increasing mining from high-grade zones. Recent strength in copper data supports our $3.80 forecast for 2012. FCX shares pricing $3.30 copper vs. spot at $3.70." Shares of FCX gained 5 cents on Friday to close at $42.80.