Raymond James keeps Outperform on Freeport-McMoRan, lowers price target to $47

Raymond James analyst Brian MacArthur lowered the firm’s price target on Freeport-McMoRan to $47 from $48 and keeps an Outperform rating on the shares. The firm notes Freeport-McMoRan offers investors exposure to a portfolio of large, low-cost, long life copper assets with significant gold production. Further, Raymond James believes Freeport-McMoRan has excellent assets, but also has higher jurisdictional risk given Grasberg, one of its major assets, is located in Indonesia. However, it also thinks the 2018 Indonesia transaction with the government improved the risk profile of Grasberg.