Freeport-McMoRan price target raised to $29 from $24 at Barclays

Barclays analyst Matthew Murphy raised the firm’s price target on Freeport-McMoRan to $29 from $24 and keeps an Underweight rating on the shares. In Q1, the global economy continued to beat expectations and the supply side faced challenges, the analyst tells investors in a research note. The firm again bumped up its medium-term copper and gold prices, but still expects downside from spot. With "consolidation taking hold," it raised base metal price targets and multiples, but retains a preference for gold over base equities.