Freeport-McMoRan upgraded to Overweight from Equal Weight at Morgan Stanley

Morgan Stanley upgraded Freeport-McMoRan (FCX) to Overweight from Equal Weight with an unchanged price target of $48. The firm says the shares are not pricing in the benefits that will accrue to Freeport from the copper tariffs. The company should be able to raise pricing in its annual copper rod contracts for 2026, which account for the majority of its North America sales volumes, the analyst tells investors in a research note. Morgan Stanley expects price hikes beginning in 2026.