Jefferies analyst Christopher LaFemina lowered the firm’s price target on Freeport-McMoRan (FCX) to $46 from $48 and keeps a Buy rating on the shares. The firm is not surprised by a downward revision to the company’s production guidance for Grasberg, but the cut is more significant than anticipated, the analyst tells investors in a research note. Jefferies added that copper is again heading to over $5 a pound imminently.
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