Jefferies upgraded Freeport-McMoRan (FCX) to Buy from Hold with a price target of $48, up from $40. The firm had downgraded the stock just last month due to risks in Indonesia, its cautious view on copper, and Freeport’s lack of free cash flow in the near term, expecting shares to be range-bound this year before breaking out in 2026 as copper fundamentals finally begin to improve, the analyst tells investors in a research note. Jefferies adds however that it is upgrading Freeport-McMoRan back to Buy due to encouraging recent updates regarding Indonesia as well as the potential significant benefit to the company from tariffs on U.S. copper imports.
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