UBS upgraded Freeport-McMoRan to Buy from Neutral with a price target of $55, up from $54. The fundamental outlook for copper remains compelling and positioning is cleaner after the Q3 price correction, the analyst tells investors in a research note. UBS believes the Freeport-McMoRan bottom-up investment case is largely de-risked following the completion of the smelter and expected extension of the license at Grasberg, and while the firm acknowledges near-term risks from consensus downgrades, UBS sees current levels as an attractive medium-term entry-point.
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