UBS initiated coverage of Freeport-McMoRan with a Neutral rating and $41 price target. UBS is bullish on the long-term outlook for copper, but views the valuation as full for the stock and thinks copper prices will be range bound in 2024 near $4.00/lb, the analyst tells investors in a research note.
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Read More on FCX:
- Freeport-McMoRan upgraded to Outperform from Market Perform at Bernstein
- Freeport-McMoRan price target raised to $43 from $42 at Raymond James
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