Freeport-McMoRan price target lowered to $47 from $48 at BMO Capital

BMO Capital lowered the firm’s price target on Freeport-McMoRan (FCX) to $47 from $48 but keeps an Outperform rating on the shares. Following the Grasberg update, the firm is reducing its estimates to reflect the updated mine and production plans, the analyst tells investors in a research note. BMO adds however that while the updated production outlook was a bit lower-than-expected, it was explainable, and while some restart risks remain, execution should be key.