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In a report published Friday, Morgan Stanley analyst Paretosh Misra reiterated an Overweight rating and $43.00 price target on
Freeport-McMoRan Copper & GoldFCX.
In the report, Morgan Stanley noted, “FCX shares have lagged copper peers by ~12 pct. pts. YTD, pricing an overly bearish view. We think FCX will share smelter capex costs with partners, the CoW should lower export duty impact, and divestment may mitigate risk to contract renewal.”
Freeport-McMoRan Copper & Gold closed on Thursday at $33.67.
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