Until recently, investor sentiment regarding Freeport McMoRan had been negative following a challenging 2018, Jefferies analyst Christopher LaFemina tells investors in a research note. Further, the analyst believes the consensus view is that 2019 will be another difficult year for Freeport due to low volumes, high unit costs, high capex and a low copper price. LaFemina agrees that 2019 will be a "trough year" for Freeport, but he also expects a "strong recovery" in EBITDA and free cash flow after 2019. As such, the analyst reiterates a Buy rating on the shares with a $25 price target.