Freeport-McMoRan rises after UBS upgrades to 'buy'

Shares of copper miner Freeport-McMoRan FCX.N rise nearly 2% to about $39.6 in premarket trading

UBS upgrades stock to "buy" from "neutral", lifts PT to $48 from $42.5

New PT represents a 23.5% upside on stock's last close

"We forecast 2026 refined copper demand to grow ~3% vs refined supply at <1% amid multiple disruptions such as limited project approvals; resulting in a sustainably higher copper price," UBS says

Says it expects FCX to re-rate gradually over the next 12 months as mining operations at Grasberg resume and production normalises

12 of 22 brokerages rate the stock "buy" or higher and 10 "hold"; their median PT is $48 - according to data compiled by LSEG

As of last close, shares up about 2% YTD