** Jefferies downgrades rating on miner Freeport-McMoRan FCX.N to "hold" from "buy"; cuts price target to $40 from $48
** Brokerage lowers rating in light of ongoing challenges in Indonesia, the impact of higher capex on free cash flow (FCF) and neutral near-term view on copper
** Jefferies says FCX is operating very well in the Americas, but the risk to earnings in Indonesia is to the downside for now, and FCF is likely to be relatively low for the next 12 to 18 months
** "Significant capex will be needed for Freeport to develop its organic growth pipeline, and the projects have relatively long lead-times, so the benefits from growth will take time to realize" - Jefferies
** However, brokerage believes FCX has cost-cutting potential in the U.S. as production from low-cost leaching continues to grow, and the decline in unit costs in the U.S. in Q424 is a positive sign
** Stock fell marginally in 2024