Freeport-McMoRan downgraded to Equal Weight from Overweight at Morgan Stanley

Morgan Stanley downgraded Freeport-McMoRan (FCX) to Equal Weight from Overweight with a price target of $66, down from $70. While the long-term prospects of the company’s Grasberg Block Cave mine in Indonesia remain unchanged, the slower production ramp-up and temporarily higher costs will weigh on the stock performance for some time, the analyst tells investors in a research note. Morgan Stanley cut Freeport’s estimates to reflect reduced output in Indonesia and sees a balanced risk/reward at current share levels.