Jefferies lowered the firm’s price target on Freeport-McMoRan (FCX) to $75 from $76 and keeps a Buy rating on the shares. The firm updated its Freeport model for the changes to Grasberg guidance, estimating the net present value impact of these changes to be negative $2.2B. It will take time for Freeport to fully recover from this weakness, but the firm believes the company remains on a path of rising earnings and should still provide investors with leverage to a rising copper price over time.
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