Citi sees ‘material’ Freeport-McMoRan selloff on mine production cut

Citi says cuts its production guidance for the Grasberg copper mine by 7%-9% to reflect new material handing requirements. The firm expects a “material negative” share today since Freeport previously expressed confidence in the mine’s forecasts. The analyst has a Buy rating on the shares with a $67 price target The stock in premarket trading is down 10%, or $6.86, to $63.50.