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;))