Freeport McMoRan downgraded at Stifel, Grasberg export restart is priced in

|By:, SA News Editor

Freeport McMoRan (NYSE:FCX) is downgraded to Hold from Buy at Stifel, which says shares already reflect the restart of exports from Indonesia.

Stifel views the memorandum of understanding FCX signed last month with the Indonesian government as a step in the right direction since it removes the near-term overhang on shares, although it believes the 18% rally from March lows suggests the market had been expecting a deal; bigger questions regarding mine ownership and permits beyond 2021 remain, the firm says.

FCX -1% premarket.