Morgan Stanley upgraded Freeport-McMoRan to Overweight from Equal Weight with a price target of $62, up from $49.50 as part of a broader research note on U.S. Metals & Mining names. Global decarbonization and electrification trends, rising geopolitical tensions testing legacy supply chains and increasingly challenging conditions to develop new supply continue to underpin a positive outlook for the mining sector in the coming years, though the firm prefers companies with short-term catalysts, citing Freeport-McMoRan’s Grasberg agreement renewal – the company’s most profitable mine – for 20 years beyond the current expiration in 2041, the analyst tells investors in a research note.
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