Morgan Stanley lowered the firm’s price target on Freeport-McMoRan (FCX) to $46 from $48 and keeps an Overweight rating on the shares. The firm, which updated price targets and estimates across its mining coverage to factor in new commodity price forecasts and forex assumptions, sees a weakening dollar and supply disruptions at major copper producers pushing metal prices higher.
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Read More on FCX:
- Southern Copper upgraded to Equal Weight from Underweight at Morgan Stanley
- Freeport-McMoRan upgraded to Buy at Citi on higher copper price forecast
- Freeport-McMoRan upgraded to Buy from Neutral at Citi
- Southern Copper initiated with an Equal Weight at Wells Fargo
- Freeport-McMoRan initiated with an Overweight, named Top Pick at Wells Fargo