As previously reported, BofA analyst Lawson Winder upgraded Freeport-McMoRan (FCX) to Buy from Neutral with an unchanged price target of $42. After having spoken with President and CEO Kathleen Quirk, the firm reports that it “gained no material new information,” but came away increasingly confident that the current valuation sufficiently prices the key risks around its temporarily halted Grasberg copper/gold mine in Indonesia, the analyst tells investors. Based on the discussion, the firm now sees less downside risk to the restart timeline the company previously provided and thinks the firm’s initial estimate of $0.5B capex to repair Grasberg could be “conservative,” the analyst added.
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