Bernstein downgraded Freeport-McMoRan (FCX) to Market Perform from Outperform with a price target of $46, down from $51. The firm notes Freeport’s license to export copper concentrate from Indonesia expired in December 2024, and it might not be able to obtain license extension in time to avoid production and sales cut. Bernstein argues that the market hasn’t priced in the risks of license extension delay as consensus still expects a “normal” production and sales levels in Q1 2025. Further, in Q4 2024, the stock performed in-line with its copper pure-play peers, indicating that the risks might not be “in the price” yet, the firm adds.
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