JPMorgan analyst Bill Peterson raised the firm’s price target on Freeport-McMoRan (FCX) to $76 from $68 and keeps an Overweight rating on the shares. The firm adjusted targets in the base metals group as part of a Q1 preview. Since the start of the Middle East conflict, aluminum stocks have materially outperformed while inflation concerns have weighed on copper stocks, the analyst tells investors in a research note. JPMorgan says the near-term direction of the group will hinge on Middle East developments.
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