Raymond James analyst Brian MacArthur raised the firm’s price target on Freeport-McMoRan to $48 from $40 and keeps an Outperform rating on the shares. Freeport-McMoRan has excellent assets, but also has higher jurisdictional risk given Grasberg, one of its major assets, is located in Indonesia, the analyst tells investors in a research note. At the same time, Raymond James believes the 2018 Indonesia transaction with the government improved the risk profile of Grasberg.
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Published first on TheFly
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