Freeport-McMoRan price target lowered to $40 from $45 at Scotiabank

Scotiabank analyst Orest Wowkodaw lowered the firm’s price target on Freeport-McMoRan (FCX) to $40 from $45 and keeps a Sector Perform rating on the shares. The firm is revisiting its price targets on companies in the Metals & Mining sector during this period of uncertainty, the analyst tells investors. The firm has reduced its near-term commodity price expectations and compressed its equity multiples for most miners. Additionally, while valuations appear attractive, further downside risks are very possible, Scotiabank adds.