Freeport-McMoRan price target lowered to $55 from $58 at Morgan Stanley

Morgan Stanley analyst Carlos De Alba lowered the firm’s price target on Freeport-McMoRan (FCX) to $55 from $58 and keeps an Overweight rating on the shares. The firm says decelerating global growth will pose challenges for mining stocks, particularly if China economic policy :remains modest and reactive.” Amid demand uncertainty, Morgan Stanley prefers base metal equities verses iron ore names on tighter supply outlooks, the analyst tells investors in a research note. It adjusted price targets in the Americas metals and mining group as part of a 2025 outlook.