Freeport-McMoRan cut to Hold at Argus on tariff impact and threat to volume

Argus downgraded Freeport-McMoRan (FCX) to Hold from Buy. Freeport-McMoRan is a well-run company with a strong track record in its industry, but they are facing near-term political challenges as deceleration in electrification initiatives is posing a threats for volumes in the near-term, the analyst tells investors in a research note. Argus adds that while it expects copper demand to remain elevated in the long-term given global growth in electrification initiatives, the near-term tariff environment will bring challenges.