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Fly News Breaks for December 17, 2019
Dec 17, 2019 | 05:04 EDT
BMO Capital analyst David Gagliano upgraded Freeport McMoRan to Outperform from Market Perform with a price target of $17, up from $12. The shares closed Monday up 8c to $12.95. Freeport shares are positioned to be the "go to" name within the U.S. Metals & Mining sector for those seeking exposure to a broader macro-economic demand recovery in 2020, Gagliano tells investors in a research note. The company's risks for 2020 have diminished as the transition from surface to underground at Grasberg continues to progress ahead of schedule, adds the analyst. Further, he believes lowered copper price forecasts and the associated Freeport estimate reductions have shifted the forward-looking estimate revision potential from downward revision risk to upward revision.