Raymond James raised the firm’s price target on Freeport-McMoRan (FCX) to $49 from $45 and keeps an Outperform rating on the shares. Freeport-McMoRan offers investors exposure to a portfolio of large, low-cost, long life copper assets with significant gold production, according to the firm. Raymond James added that the company also has higher jurisdictional risk given Grasberg, one of its major assets, is located in Indonesia. However, the firm told investors that it believes the December 2018 Indonesia transaction provided greater certainty about the future cash flows from Grasberg.
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