HSBC last night upgraded Freeport-McMoRan (FCX) to Buy from Hold with a price target of $50, up from $43. The firm says precious metal prices are hitting “record decades-high levels,” with copper outperforming base and bulk metals on supply disruptions. HSBC expects Freeport to benefit from the strength in copper and gold prices. The firm also highlights the significant recent underperformance of the shares.
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