BUZZ-Bernstein downgrades Freeport-McMoRan to 'market-perform'; cuts PT

Brokerage Bernstein downgrades rating of mining company Freeport-McMoRan FCX.N to "market-perform" from "outperform"; cuts price target to $46 from $51

New PT represents a 19% upside to the stock's last close

Sees potential risks in FCX's ability to export copper concentrate from Indonesia in 1Q25 that aren't reflected in consensus

Freeport would be unable to export/sell raw materials (concentrate & anode slimes) from its operations in Indonesia starting from January 2025 until it receives an extension from the Indonesian government

Brokerage says market has not acknowledged the risks of export license extension delay as consensus still expects a “normal” production and sales levels in 1Q25

15 of 24 brokerages rate the stock "buy" or higher, 9 "hold"; their median PT is $54.50 - data compiled by LSEG

Up till last close, stock up 1.3%

(Reporting by Pooja Menon in Bengaluru)

((Pooja.Menon@thomsonreuters.com;))