Raymond James lowered the firm’s price target on Freeport-McMoRan (FCX) to $53 from $57 and keeps an Outperform rating on the shares. Freeport-McMoRan has excellent assets, but also has higher jurisdictional risk given Grasberg, one of its major assets, is located in Indonesia, the analyst tells investors in a research note. However, the firm believes the December 2018 Indonesia transaction provided greater certainty about the future cash flows from Grasberg.
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