Morgan Stanley downgraded Freeport-McMoRan to Equal Weight from Overweight and cut its price target to $66 from $70, citing a slower-than-expected production ramp at the Grasberg Block Cave mine in Indonesia. The note signals near-term execution risk for one of FCX's key assets and points to softer production expectations. The move is notable for the stock but is unlikely to have broad market impact.
Morgan Stanley downgraded Freeport-McMoRan to Equal Weight from Overweight and cut its price target to $66 from $70, citing a slower-than-expected production ramp at the Grasberg Block Cave mine in Indonesia. The note signals near-term execution risk for one of FCX's key assets and points to softer production expectations. The move is notable for the stock but is unlikely to have broad market impact.
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moderately negative
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