Freeport-McMoRan price target lowered to $38 from $47 at Argus

Argus lowered the firm’s price target on Freeport-McMoRan to $38 from $47 but keeps a Buy rating on the shares. The company has recently reported results that topped analyst expectations, and the firm expects copper demand to remain elevated over the intermediate term given global growth in electrification initiatives, though its reduced price target reflects the impact of high interest rates on valuation multiples, the analyst tells investors in a research note.