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Fly News Breaks for November 13, 2019
FCX
Nov 13, 2019 | 06:26 EDT
BofA/Merrill analyst Timna Tanners upgraded Freeport McMoRan to Buy from Neutral with a $14 price target. The analyst is looking past the company's "transition year" and expects its Grasberg asset to make a full contribution for copper and gold production. While copper prices have lagged, Tanners notes that there is support from labor disruptions in Peru and Chile, with added downside protection coming from the still relatively strong CTFC short position.
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