UBS analyst Daniel Major downgraded Freeport-McMoRan (FCX) to Neutral from Buy with a price target of $50, up from $45. While UBS remains constructive on the medium-term outlook for copper, it expects softening in demand and fundamentals to weigh on prices over the next six months. The firm now sees a balanced risk/reward on Freeport shares with potential downside to copper prices.
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