Morgan Stanley upgrades Freeport-McMoRan to 'overweight' rating

Morgan Stanley upgrades U.S. copper miner Freeport-McMoRan FCX.N to "overweight" from "equal-weight" rating saying FCX to benefit from tariffs on majority of U.S. sales

Brokerage expects that FCX will be able to raise pricing in its annual copper rod contracts for 2026, which account for the majority of the company's North America sales volumes

Fifteen of 22 brokerages rate the stock "buy" or higher, seven "hold"; their median PT is $52.50, according to data compiled by LSEG

Including session's moves, stock up ~9.1% YTD