Freeport-McMoRan price target raised to $40 from $35 at Deutsche Bank

Deutsche Bank analyst Abhi Agarwal raised the firm’s price target on Freeport-McMoRan to $40 from $35 and keeps a Hold rating on the shares. The global growth dynamic sets up a more positive backdrop for industrial and precious metals, Agarwal tells investors in a research note. The analyst revised estimates higher and now forecasts a "much shallower" year-over-year price and earnings decline in 2023. Agarwal continues to like copper near term but anticipates some supply-led price easing in the second half.