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Fly News Breaks for June 9, 2015
FCX
Jun 9, 2015 | 08:10 EDT
Morgan Stanley believes Freeport McMoRan's Q1 was a multi-year trough for earnings and free cash flow. The firm sees minimal execution risk at three key projects and expects costs to decline 22% in 2016. Indonesian risk is now reflected in shares and the firm believes the near-term outlook for copper is strong enough for Freeport McMoRan to complete growth projects. Morgan Stanley views Freeport McMoRan's valuation as attractive and reiterates its Overweight rating and $29 price target.
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