Raymond James lowered the firm’s price target on Freeport-McMoRan (FCX) to $45 from $46 and keeps an Outperform rating on the shares. The firm notes Freeport-McMoRan offers investors exposure to a portfolio of large, low-cost, long life copper assets with significant gold production. Raymond believes Freeport-McMoRan has excellent assets, but also has higher jurisdictional risk given Grasberg, one of its major assets, is located in Indonesia. However, it also thinks the 2018 Indonesia transaction with the government improved the risk profile of Grasberg.
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