Fly News Breaks for January 14, 2020
Jan 14, 2020 | 05:54 EDT
Credit Suisse analyst Curt Woodworth downgraded Freeport McMoRan to Underperform from Neutral with a price target of $10, down from $11. The company "lacks valuation support" given mid-cycle EBITDA and the copper production reset "sharply lower" in 2023, Woodworth tells investors in a research note. Unlike aluminum, copper has much less cost support in a downturn and faces "sharply higher" supply-side risks in 2021 through 2023, contends the analyst. He cites valuation and his copper surplus view for the downgrade of Freeport to Underperform.
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