Bernstein downgraded Freeport-McMoRan (FCX) to Market Perform from Outperform with a price target of $54, up from $53.50. The firm notes Freeport-McMoRan reported Q4 2025 results with a beat on sales and earnings, but the stock was down about 2%. Importantly, the company’s Q4 results were evidence of a continued turnaround from the Grasberg external mud rush incident. Bernstein notes that Freeport’s current valuation embeds a much higher copper price than it is comfortable with.
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