Market Overview

Morgan Stanley Upgrades Freeport-McMoRan On Coming Higher Copper Prices

Morgan Stanley Upgrades Freeport-McMoRan On Coming Higher Copper Prices

Shares of mining company Freeport-McMoRan Inc. (NYSE: FCX) rose after Morgan Stanley upgraded its rating on the company.

The Analyst

Morgan Stanley analyst Piyush Sood upgraded the stock to Overweight from Equal-Weight, while lowering the price target to $14 from $16.

The Thesis

The price of copper is going up thanks to demand in China and falling global production.

Morgan Stanley said it expects copper prices could go to around $3.12 a pound by year’s end, a double-digit percentage point increase over spot prices of $2.75.

“We believe (FCX) will emerge as the go-to large-cap stock for exposure to a copper price rally,” Sood wrote in the note.

Sood noted concerns about Freeport’s ability to deliver a production ramp-up to meet demand but said those concerns are overblown and that it will likely deliver its mining plans, especially starting in 2020.

Price Action

Freeport-McMoRan shares closed Wednesday higher by 6.9 percent at $12.29.

Related Links:

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How Losing Control Of The World's Biggest Gold Mine Could Pay Off For Freeport

Latest Ratings for FCX

Oct 2019MaintainsNeutral
Oct 2019UpgradesNeutralBuy
Sep 2019Initiates Coverage OnOutperform

View More Analyst Ratings for FCX
View the Latest Analyst Ratings

Posted-In: Morgan Stanley Piyush SoodAnalyst Color Upgrades Price Target Analyst Ratings Best of Benzinga


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Latest Ratings

ELMDDougherty & Co.Initiates Coverage On12.0
MRNSCantor FitzgeraldAssumes7.0
MNRLCapital One FinancialInitiates Coverage On23.0
SONVertical GroupUpgrades
UNPMorgan StanleyMaintains136.0
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