Freeport-McMoRan price target lowered to $46 from $56 at BofA

BofA lowered the firm’s price target on Freeport-McMoRan (FCX) to $46 from $56 and keeps a Buy rating on the shares. The BofA Commodities team has refreshed its price forecasts and sees “solid base metal fundamentals drowned-out by a challenging macro backdrop,” which conversely benefits gold and silver, the analyst tells investors. Aluminum, copper and zinc supply is constrained, but while the commodities team is constructive on base metals longer term, the near-term looks uncertain on demand concerns, the analyst added.