Bernstein upgraded Freeport-McMoRan (FCX) to Outperform from Market Perform with a price target of $48.50, down from $50.50. The firm believes the shares are “overly punished” following the Grasberg Mine tragedy. Bernstein is reversing its call following the recent stock moves and upgrades Freeport-McMoRan while downgrading Antofagasta.
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