- 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.