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Fly News Breaks for July 28, 2015
FCX
Jul 28, 2015 | 08:36 EDT
Morgan Stanley said the recent selloff in Freeport McMoRan is overdone and sees some upcoming catalysts that include the resumption of Grasberg exports soon, a renewal of the Grasberg labor contract in Q3, and potential capex cuts in both mining and energy segments if the Energy IPO does not materialize. The firm believes downside risk to estimates are already reflected in share price and reiterates its Overweight rating.
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