JP Morgan cuts PTs of North America base metals stocks amid tariff uncertainty

JP Morgan cuts price targets of North America base metals stocks by ~20% across the board

Shares of Teck Resources TECK.N TECKb.TO fall 4.2% and Freeport FCX.N down 2.5% premarket

Brokerage cuts TECK PT to C$58 ($41.25) from C$72 ($51.21) and FCX PT to $42 from $52

Brokerage says the PT cut is due to multiple de-rating and lower prices amid tariff uncertainty and fear of recession

"We feel real demand has already taken a hit, with investor sentiment remaining shaky. As such, we see downside to consensus estimates, and we cut our PTs to reflect both lower applied multiples and earnings" - JP Morgan

($1 = 1.4059 Canadian dollars)