Scotiabank last night upgraded Freeport-McMoRan (FCX) to Outperform from Sector Perform with a price target of $47, down from $51. The firm cites “improved clarity” on the company’s multi-year outlook as the near-term Grasberg overhang moderates for the upgrade. Freeport shares are well positioned to re-rate higher given its “very strong” balance sheet, attractive valuation, and high leverage to copper and gold prices, the analyst tells investors in a research note.
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