Deutsche Bank upgrades Freeport to 'buy' on lower policy risks

Deutsche Bank upgrades copper miner Freeport FCX.N to "buy" from "hold"; shares marginally down

An escalating trade war is the main downside risk to copper prices - Deutsche Bank

"The company's high gold exposure and U.S. production base provides hedges against macro and policy developments (unlike major copper peers)" - Deutsche Bank

Brokerage says "a material cash flow upside from potential U.S. copper tariffs and other possible policy measures" and an attractive valuation among reasons for upgrade

Says the miner has underperformed the copper price over the past 6 months due to operational issues in Indonesia

As of last close, shares up 0.21% YTD